In today’s briefing:
- Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube
- ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank
- Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key
- Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation
- Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service
Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube
- 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 Industrial Technology (2231713D CH) IPOs, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
- Event-Driven developments: ANE Cayman Inc (9956 HK), Canon Electronics (7739 JP), Digital Holdings Inc (2389 JP), Mandom Corp (4917 JP), National Storage REIT (NSR AU), Qube Holdings (QUB AU).
ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank
- 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, busy season remains on in full swing going into the year end.
- On the placements front, there were a few large deals across the region.
Mandi Inc Pre IPO: Hair Will Help Carry Weight to Future Growth, Pipeline Key
- Mandi has filed for a Hongkong IPO. The company which at present operates as a subsidiary of 3SBio Inc will be spun off and separately listed.
- Mandi intends to use the IPO proceeds for funding product expansion, enhance early-stage R&D capabilities, invest in sales and marketing initiatives and, for working capital and general corporate purposes.
- Minoxidil will be the main growth catalyst for now cashing on its leadership position while accelerating the development and commercialization of the pipeline assets will be key for future growth.
Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation
- JD Industrials’ business model integrates the advantageous resources of JD Group and follows “self-operated heavy asset” route.The operation model is to rely on JD Logistics network to achieve efficient performance.
- The platform’s openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
- P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.
Lumexa Imaging Holdings, Inc. (LMRI): Peeking at the IPO Prospectus of a Diagnostic Imaging Service
- Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.
- The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.
- Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.
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