In today’s briefing:
- Wakefit Innovations Ltd IPO- Forensic Analysis
- A Review of Our IPO Calls in 2025
- Weekly Deals Digest (07 Dec) – SBI Shinsei, JD Industrials, ANE, Fast Fitness, Tsuruha, Predictive
- TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?
Wakefit Innovations Ltd IPO- Forensic Analysis
- Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
- Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
- Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention
A Review of Our IPO Calls in 2025
- In this insight, we review our IPO calls in 2025. The accuracy rate of our calls on the IPOs this year was 64%.
- The overall sentiment on IPOs in Korea have improved in the second half of this year, paying the way for some completions of major IPOs in Korea in 2026.
- LG CNS and Seoul Guarantee Insurance were two of the largest IPOs in Korea in 2025. Some of the best performing IPOs in Korea in 2025 include Nota and AimedBio.
Weekly Deals Digest (07 Dec) – SBI Shinsei, JD Industrials, ANE, Fast Fitness, Tsuruha, Predictive
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: SBI Shinsei Bank (8303 JP), NS Group (471A JP), JD Industrials (7618 HK) IPOs.
- Event-Driven developments: Predictive Discovery (PDI AU), ANE Cayman Inc (9956 HK), Fast Fitness Japan Inc (7092 JP), Tsuruha Holdings (3391 JP), Spindex Industries (SPE SP).
TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong?
- TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.
- In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.
- TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.
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