Equity Capital Markets

Weekly Top Ten Equity Capital Markets – Feb 2, 2025

By February 2, 2025 No Comments
This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Dr Agarwal’s Healthcare IPO – RHP Updates & Quick Thoughts on Peer Comp and Valuation

By Akshat Shah, Aequitas Research

  • Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
  • Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
  • Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.

2. Infinity Natural Resources (INR): Sector Sentiment Sours, Exercise Caution on IPO

By IPO Boutique, IPO Boutique

  • While this company is well-positioned in its sector and has a prudent growth strategy and balance-sheet flexibility, the short term “sector winds” are now blowing in a different direction.
  • Venture Global (VG) debuted last Friday with a major price cut and a more disappointing debut. 
  • Our sources state that the official message regarding the deal is that the offering is multiple-times oversubscribed from long-only and energy-dedicated funds. 

3. SailPoint IPO Valuation Analysis: Paying Debt With IPO Proceeds and $1B+ ARR in FY26

By Andrei Zakharov

  • SailPoint, a founder-led provider of identity security for the modern enterprise, aims to raise up to $1B to pay off debt.
  • The company ended last quarter at $813M of implied ARR and I see a clear path to $1B+ ARR in FY26 ended Jan 30, 2026.
  • I believe SailPoint may consider IPO at valuation above take-private transaction of ~$6.9B in 2022. The company is expected to go public in February.

4. Maze Therapeutics Inc. (MAZE): Kidney Disease Biotech IPO Garnering Attention from Sector Investors

By IPO Boutique, IPO Boutique

  • The company is performing an abbreviated four-day roadshow and has gained momentum with interest from sector-dedicated investors. 
  • According to our sources, the deal was considered oversubscribed at launch from a mix of new and existing investors.
  • Typically, the biotech IPOs that are eager to come out of the gates in January have fared overwhelmingly better than those that trickle out later in the year.

5. SGIC IPO Valuation Analysis

By Douglas Kim, Douglas Research Advisory

  • Our base case valuation of Seoul Guarantee Insurance is target price of 32,463 won per share, which is 2.1% higher than the high end of the IPO price range. 
  • All in all, we are not particularly impressed with SGIC’s lack of top-line sales growth and worsening operating profit and margins in 1Q-3Q 2024. 
  • Despite the much lower IPO price range and a promise for higher shareholder returns, we remain Negative on this IPO. 

6. ECM Weekly (27th Jan 2025) – CATL, HDB Financial, Dr Agarwal’s, Eco-Shop, Vikran, Sanil, Timee

By Sumeet Singh, Aequitas Research


7. Smithfield Foods, Inc. (SFD): Price Sensitivity Emerges in Another IPO

By IPO Boutique, IPO Boutique

  • Sources have stated that the deal is experiencing “pushback” from the buy-side on the price. 
  • Fresh on the mind of IPO investors is the underperforming energy deal, Venture Global (VG)
  • Price sensitivity in the deal is a stark signal to exercise caution on this IPO at this time

8. Doosan Enerbility: Thoughts on the IPO of Doosan Skoda Power

By Douglas Kim, Douglas Research Advisory

  • Doosan Skoda Power is getting ready to complete an IPO on the Prague Stock Exchange. The IPO is aiming to gather up to 2.53 billion crowns, or about US$105.5 million. 
  • Post IPO, Doosan Power System plans to maintain a 67% ownership. Doosan Enerbility (034020 KS) owns a 100% stake in Doosan Power Systems.
  • If Doosan Skoda Power is valued at 8.3 billion crowns and if we annualize the company’s net profit to 473 billion in 2024, this would suggest a P/E of 17.5x. 

9. Smithfield Foods Inc (SFD): IPO Opens with Heavy Selling Pressure, Closes Below Issue

By IPO Boutique, IPO Boutique

  • The company  priced a downsized transaction of 26.08mm shares (down from 34.8mm) at $20.00 (original range $23-$27) and opened at $21.05 for a gain of 5.3% at first trade.
  • A broken IPO usually hurts the psyche of the IPO market in the short term.
  • The healthcare space will be looking to give IPOs a boost during the second half of the week with much stronger deals set to debut.

10. Metsera Inc (MTSR): Obesity Drug Biotech Order Book Is “Hot”; Set for Friday IPO Debut

By IPO Boutique, IPO Boutique

  • The GLP-1 market has experienced a recent boom and Metsera is capitalizing on this with a well-times IPO.
  • According to our sources, the deal is well-oversubscribed with the books closing Wednesday at 4pm for a Friday debut.
  • The company is seeking a mega valuation of$1.8b if priced at the high-end of the range. An IPO valuation at these levels would put the company in “rare-company”.