This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. 2026 (“Year of the Horse”) Major IPOs Pipeline in Asia
- In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
- This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
- Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin, Shein, Flipkart, and Canva.
2. [Japan Offering] Significant Financial Crossholder Selldown in Okuma (6103)
- Okuma Corp (6103 JP) today announced a secondary offering of 5.0mm shares (including greenshoe) from a relatively large number of financial crossholders.
- That takes out about a third of them and not quite a quarter of the crossholders. There’s more to go. And the register remains “blocked”.
- It looks headed to retail but this stock is very low volatility and is likely to remain that way. A large buyback to start in January offsets the overhang here.
3. Pre-IPO JD Industrials – Thoughts on Valuation, IPO Pricing, and the Outlook
- Based on 2025 revenue forecast of RMB24.1bn and the IPO price range, P/S is about 1.28-1.56x, higher than ZKH but lower than Ww Grainger. This is a reasonable valuation range.
- The median IPO price range (HK$14.1/share) is a more likely/relatively safe outcome.This not only acknowledges JD Industrials’ leading position/growth story, but also partly reflects the market’s perception of its challenges.
- The IPO pricing is the result of seeking a balance between the “premium of industry leaders” and “its shortcomings”.However, future valuation depends on whether JD Industrials can solve fundamental issues.
4. HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials
- HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
- It operates the largest licensed crypto exchange in Hong Kong.
- In this note, we look at the firm’s past performance.
5. ECM Weekly (8 December 2025) – SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy
- 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, busy season remains in full swing going into the year end.
- On the placements front, there were a few large deals and looked at some of the upcoming likely deals.
6. Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise
- Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
- Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
- Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.
7. Okuma Corp Placement: Strong Financial Performance in Recent Period
- Sumitomo Mitsui Trust Bank, MUFG and others are looking to sell around US$104m of Okuma Corp (6103 JP) stock.
- This is a slightly large deal to digest, representing 13.2 days of three month ADV and 6.4% of outstanding stock.
- In this note, we will talk about the placement and run the deal through our ECM framework.
8. Foshan Haitian Flavouring A/H IPO Lockup – US$500m Cornerstone Release
- Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
- FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
- In this note, we will talk about the lockup dynamics and possible placement.
9. ICICI Pru AMC IPO – Doesn’t Need to Trade at a Discount
- ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
- IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
- We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.
10. Meesho Ltd IPO Trading – Robust Overall Demand
- Meesho (1546271D IN) raised around US$606m in its India IPO.
- Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
