In today’s briefing:
- WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap
- Pony AI Secondary HK Offering – Needs to Correct Some More
- Groww Pre-IPO – Scaling Fast in a Competitive Market
- Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data
- Lalbaba Engineering Pre-IPO Tearsheet
- Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle
- Duroflex Pre-IPO Tearsheet
- Pre-IPO Yangtuo Technology – The Business Model And Strategic Adjustments Will Not Work
- Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready
WeRide Secondary HK Offering – Has Been Trading Up, Given the Valuation Gap
- WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the deal structure and updates since then.
Pony AI Secondary HK Offering – Needs to Correct Some More
- Pony AI (PONY US) plans to raise around US$825m in its secondary listing in Hong Kong.
- We have looked at the deal dynamics in our previous note.
- In this note, we talk about the deal structure and updates since then.
Groww Pre-IPO – Scaling Fast in a Competitive Market
- Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
- Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
- In this note, we talk about the company’s historical performance.
Sichuan Biokin A/H Listing: Milestone Payment and New Clinical Data
- Sichuan Biokin is looking to raise up to USD 500 million from an A-H listing. The sponsors are GS, JPM, and CITIC.
- Sichuan Biokin recently published its post-hearing prospectus. The company also released financial results for 3Q 2025.
- We think the company has progressed well in its core asset and has reported encouraging clinical data since the beginning of the year.
Lalbaba Engineering Pre-IPO Tearsheet
- Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
- LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
- As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.
Ningbo Joyson A/H Listing: Not the Cheapest; Decent A/H Premium but Robotics Angle
- Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
- It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Duroflex Pre-IPO Tearsheet
- Duroflex (1603801D IN) is looking to raise about US$114m in its upcoming India IPO. The deal will be run by JM Financial and Motilal Oswal.
- Duroflex Limited is a leading provider of sleep and comfort solutions in India, with a legacy spanning over six decades.
- Its “house of brands” architecture comprising Duroflex, Sleepyhead, Perfect Rest, and Durofoam, caters to diverse consumer segments ranging from economy to luxury.
Pre-IPO Yangtuo Technology – The Business Model And Strategic Adjustments Will Not Work
- Yangtuo’s business model is B2B2C, targeting lower-tier market, but the consumption upgrade in lower-tier market lags behind, which will affect the sales of high-margin products and require more marketing/promotion investment.
- Yangtuo decides to shift from digital marketplace business to self-operated business, but such strategic adjustments may force Yangtuo to abandon the light-asset model and turn to heavy-asset model.
- Overall performance and key operating metrics have shown a downward trend. Continuous decline in profit margins is expected. Valuation of Yangtuo should be lower than Kidswant Children Products (301078 CH).
Lenskart IPO: Growth Lens Will Help Rectify the Premium Valuation Myopia, Get Buying Kart Ready
- Lenskart Solutions has filed RHP for IPO with a total offer size of up to INR 72.8B, offering 181M shares at a price band of INR 382-INR 402 per share.
- This includes a fresh issue of INR 21.5B (~ 53.5M shares). The company intends to use the proceeds for new store capex, promotion, inorganic acquisition etc.
- We recommend the investors to subscribe to the issue for expected listing gain. Lenskart has a long way ahead of itself in terms of attaining long term sustained growth trajectory.
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