This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation
- Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
- It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
- In this note, we will talk about the IPO valuations.
2. Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
- In this cut, we look at Korea’s compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper’s price surge amidst Chinese demand
- Want to dig deeper? Comment or message with the themes you think should be highlighted next
3. [Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End
- In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in Isuzu Motors (7202 JP).
- Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it’s ¥57bn/US$400mm.
- It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.
4. HK Strategy: Some Consumer IPO Pipelines and Their Proxies
- Hong Kong’s IPO market has gathered momentum lately, especially with the overwhelming response to CATL (3750 HK). Consumer IPOs are the next ones to gather interest.
- Foshan Haitian Flavouring & Food Co (FHF HK) is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.
- The other interesting ones include Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH), Three Squirrels (TRS HK), and Eastroc Beverage Group (EBG HK).
5. Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder
- InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.
- He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
6. Foshan Haitian Flavouring H Share Listing: The Investment Case
- Foshan Haitian Flavouring & Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.
- Foshan Haitian Flavouring & Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
- The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.
7. Isuzu Motors Placement – Relatively Small Deal Along with Buyback
- A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).
- Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
- In this note, we will talk about the placement and run the deal through our ECM framework.
8. Foshan Haitian Flavouring A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.
- 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.
- We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.
9. ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony
- 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, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Pharmaceuticals (1276 HK) performance has paved the way for a slew of A/H listings to follow.
- On the placements front, there was a large selldown in HD Hyundai Marine Solution (443060 KS) and a lockup release for Pony AI (PONY US) is coming up.
10. Capitaland Ascendas REIT Placement: DPU and NAV Accretive
- CapitaLand Ascendas REIT (CLAR SP) is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties.
- These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
