This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. SICC A/H Listing – Needs a Very Deep Discount
- SICC (688234 CH) , a manufacturer of high-quality SiC substrates, aims to raise up to US$260m in its H-share listing.
- In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
2. ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
- 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, Inida ECM flows continued unabated with more deals being launched.
- On the placements front as well, India saw over US$2bn worth of deals during the week.
3. Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
- Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
- The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
- The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.
4. Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing
- EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
- EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
5. Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck
- The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
- Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
- The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.
6. Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency
- Tuas Ltd (TUA AU) is looking to raise around US$239m in its fully underwritten Australian placement.
- The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
7. Bluestone Jewellery IPO – Moving from Online to Offline. Thoughts on Valuation
- Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
- BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
- We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.
8. Kasumigaseki Hotel REIT IPO: Books Well Covered; Modest Upside from Here
- Kasumigaseki Hotel REIT (401A JP) raised US$193m in its upcoming Japan IPO.
- Kasumigaseki Hotel REIT Investment is a REIT with hotel assets. It is an investment corporation sponsored by affiliated developer, Kasumigaseki Capital.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation
9. Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now
- Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
- Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
- The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.
10. Innogen (银诺医药) IPO Trading Update
- Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
- In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
- In this note, we provide an update for the IPO before trading debut.
