In today’s briefing:
- Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals
- Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
- Fusion Cx Ltd Pre-IPO Tearsheet
- Omada Health IPO: Stayed Private For Longer, Modest Upside Potential
Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals
- Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
- Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
- Circle Internet Group, Inc. priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade.
- The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one.
- Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This could mean that more “fireworks” are in store for the short term.
Fusion Cx Ltd Pre-IPO Tearsheet
- Fusion CX Limited (1604907D IN) (FCL) is looking to raise about US$117m in its upcoming India IPO. The bookrunners for the deal are Nuvama, IIFL, Motilal.
- FCL is a customer experience (CX) service provider offering integrated services across voice, email, chat, social media, and messaging.
- The 2025 Frost & Sullivan Best Practices Report recognized Fusion CX with the “North American Technology Innovation Leadership Recognition” for its technology use and client focus.
Omada Health IPO: Stayed Private For Longer, Modest Upside Potential
- Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
- Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
- A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.
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