In today’s briefing:
- Zijin Gold IPO: The Investment Case
- Hesai Secondary Offering – Stock Hasn’t Corrected Yet
- Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside
- Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed
- Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year
- Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street’s Attention
- Mabgeek (麦济生物) Pre-IPO: Incremental Innovation in a Crowded Space
- Netskope, Inc. (NTSK): Cybersecurity Firm Sets Terms for IPO Seeking $800m Raise; $6.5b Valuation
- StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation
- Chery Auto Pre-IPO – PHIP Updates – Some More Data, Some More Issues
Zijin Gold IPO: The Investment Case
- Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is seeking to raise US$3 billion.
- Zijin Gold hold interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.
- The investment case is bullish due to a diversified mine portfolio, strong growth, an attractive margin profile, robust cash generation, and modest leverage.
Hesai Secondary Offering – Stock Hasn’t Corrected Yet
- Hesai Group (HSAI US) plans to raise around US$450m 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.
Urban Company IPO – Thoughts on Valuations – Not a Whole Lot of Upside
- Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.
Klarna Group (KLAR): Discounted Down-Round Valuation Draws Interest, Multiple-Times Oversubscribed
- Commerce network Klarna Group will offer 34.3 million shares at $35-$37 and to debut on Wednesday (9/10).
- The direct comp, Affirm, posted a strong quarter but some of Klarna’s metrics are on par or potentially stronger than its competitor.
- The valuation, both relative to peers and compared with prior “bloated” rounds, looks far more reasonable this time.
Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year
- Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
- The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
- IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.
Figure Technology Solutions (FIGR): Blockchain Lender Growth & Projections Grab Street’s Attention
- FT Intermediate (FIGR US) is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
- A key driver is Figure Connect, its blockchain-based marketplace launched in mid-2024, which has already transacted $1.3 billion in HELOC volume with 27 marketplace participants onboarded.
- The company can significantly reduce middle men and has been gaining market share but still have just a small piece of this large pie.
Mabgeek (麦济生物) Pre-IPO: Incremental Innovation in a Crowded Space
- Mabgeek, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.
- In this note, we look at the company’s core product, MG-K10.
- We also look at the company’s pre-IPO investors and management team.
Netskope, Inc. (NTSK): Cybersecurity Firm Sets Terms for IPO Seeking $800m Raise; $6.5b Valuation
- Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b.
- Their revenue was $251.3 million and $328.5 million and their net loss was $206.7 million and $169.5 million in the first half of fiscal 2024 and 2025, respectively.
- The company’s financials are strong with 31% revenue growth in the 1H 2025 and is cash-flow positive in a sector that IPO investors typically embrace — cybersecurity.
StubHub Holdings (STUB): Ticket Marketplace Company Sets Terms, Seeks up to $9.2b Valuation
- StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
- The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
- This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.
Chery Auto Pre-IPO – PHIP Updates – Some More Data, Some More Issues
- Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
- Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
- In this note, we talk about the updates from its most recent filings.
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