Daily Brief TMT/Internet: Shift Inc, Kioxia Holdings , Urban Company, Tuas Ltd, Netskope, Pinterest , StubHub Holdings and more

• Shift Inc (3697 JP) will replace Citizen Watch (7762 JP) in the Nikkei 225 (NKY INDEX) after the close of trading on 30 September.
• BayCurrent Consulting‘s PAF will double from 0.5 to 1 and Sony Financial Holdings (8729 JP) will be deleted from the NKY INDEX following the spin-off from Sony Corp (6758 JP). 
• The index committee has decided not to add Kokusai Electric to the index despite the stock ranking within the top 75. The deletion of Citizen Watch points to sector balance.

• Today, in the latest announcement in 17 years, the Nikkei Index Committee announced there would be only one change to the Nikkei 225 at the 30 Sep close. 
• Shift Inc (3697 JP) is IN. Citizen Watch (7762 JP) is OUT. BayCurrent Consulting (6532 JP) is uplifted. Sony Financial Spin is out 29 Sep. Kokusai Electric (6525 JP)? MIA. 
• In dollar terms it is smallish. In ADV terms there are some big changes. And this puts Kokusai Electric back possibly years. 

• Q1 FY25 revenue fell 20% YoY, but enterprise SSD strength kept EBITDA positive and margins above trough levels.
• Management guides for a strong sequential rebound in Q2–Q3 on AI-driven enterprise demand and normalized PC/smartphone inventories.
• Kioxia trades at ~3–4× EV/EBITDA vs peers on 9–12×, despite higher NAND margins, with the gap driven by cyclicality, tech lag, and shareholder overhang.

• 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.

• The ADDs/DELs for the ASX index family for the September 2025 index rebal event were announced after market close on Friday 5th September 2025. We got 44/47 predictions correct.
• There are 25 ADDs and 30 DELs collectively for ASX 50, ASX 100, ASX 200, and ASX 300.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes.

• Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty & Wellness and dominant market share across categories.
• IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
• The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).

• 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”.

Key points (machine generated)

• PINS is undervalued and transforming under new management for growth in the global advertising market.
• AI integration is enhancing the platform’s visual catalog and user relevance for advertisers.
• Management is focusing on advertiser tools and financial discipline to improve return on ad spend (ROAS).

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 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.

• 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.