In today’s briefing:
- Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026
- ECM Weekly (15 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy
- Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
- Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins
- BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive
- Pre-IPO Yeeper Nutrition Technology (Qingdao) Group – Concerns About the Business and the Outlook
- Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak
Top 12 Korean Companies – Key Beneficiaries of the SpaceX IPO in 2026
- In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
- Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
- SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.
ECM Weekly (15 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, this week will probably see the last of the big listings in Asia this year
- On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.
Medline Inc. (MDLN): Largest Cash Raise IPO Since 2021’s Rivian Brings End of Year Opportunity
- Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
- Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
- Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.
Andersen Group Inc. (ANDG): Late-Year IPO Backed by Global Scale and Expanding Margins
- Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
- The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
- Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.
BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive
- BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.
- Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.
- Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.
Pre-IPO Yeeper Nutrition Technology (Qingdao) Group – Concerns About the Business and the Outlook
- Many companies enter the goat/sheep milk powder market due to higher gross margin than cow milk powder, but after years of development, this market has been in a shrinking trend.
- With a closed-loop capability in full internal control, production and supply of core ingredients of demineralized goat and sheep whey, Yeeper has supply chain advantage, thus with higher pricing power.
- Yeeper’ has shown the characteristics of “slowing revenue growth, and increasing pressure on net profit margin” due to intensified competition. Valuation could be lower than Yili but higher than China Feihe.
Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak
- Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
- Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
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