This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
Receive this weekly newsletter keeping 45k+ investors in the loop
1. Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
- Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
- Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
- In this note, we will talk about the lockup dynamics and possible placement.
2. [Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh
- The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
- I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, “neither here nor there.”
- But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.
3. SBI Shinsei Bank IPO – Stronger Support, Decent Valuation
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, aims to raise around US$2.1bn in its Japan listing.
- SBI Shinsei Bank (SBISB) is a Japanese financial institution providing a range of financial products and services to both individual and institutional customers.
- We looked at the company’s past performance in our earlier note. In this note, we talk about valuations.
4. SBI Shinsei Bank (8303 JP) IPO: Price Range Is Attractive
- SBI Shinsei Bank (8303 JP), a Japanese financial institution, has set an IPO price range of JPY1,440 to JPY1,450 per share compared to the reference price of JPY1,440.
- I discussed the relisting in SBI Shinsei Bank (8303 JP) IPO: The Investment Case and SBI Shinsei Bank (8303 JP) IPO: Valuation Insights.
- The relisting has attracted solid interest from several investors. The peers have modestly re-rated, and the IPO price range is attractive.
5. JD Industrials IPO – Valuation Cut Means Its Priced to Go
- JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.
6. UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds
- UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
- UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
7. Pre-IPO JD Industrials (PHIP Updates) – Business Model, Peer Comparison, Forecast and Valuation
- JD Industrials’ business model integrates the advantageous resources of JD Group and follows “self-operated heavy asset” route.The operation model is to rely on JD Logistics network to achieve efficient performance.
- The platform’s openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
- P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.
8. NS Group IPO – Deal Downsized; Pricing Looks Digestible Now
- NS Group (471A JP) (NSG) is one of Japan’s leading rent guarantee service providers, offering payment guarantee and rent collection solutions to property owners and management companies.
- NSG aims to raise around US$220m in its Japan IPO via an entirely secondary offering, marking Bain Capital’s full exit from the company.
- In our previous note, we looked at the firm’s past performance and peer comparison. In this note, we talk about the pricing updates and IPO valuations.
9. 3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
- 3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
- The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
10. Meesho IPO: Garmenting a Mass Market Play for Long-Term Growth
- Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
- Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
- Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.
