This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. [Japan Offering] Marumae (6264 JP) – A Big Opportunistic Offering to Sell Shares at 3+x Revs
- On Friday after the close, after Marumae Co Ltd (6264 JP) shares rose 11% to a record high, the company announced a large primary and secondary offering.
- The company and the CEO will sell up to 4.14mm shares including greenshoe against 25.4mm shares out now and 11+mm shares of Max Real World Float.
- The company is growing this year after last year’s mid-year acquisition of KMAC from JIP. The goal is ¥25bn of sales at 22-23% OPM in Aug28. But it’s big.
2. Robotphoenix (6871) IPO: Worth a Bet
- To raise HK$679.2m of net proceeds, Robotphoenix Intelligent Technology (6871 HK)‘s IPO is small. But this dedicated industrial robotics company is worth a bet.
- Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.
- We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price.
3. Aequitas: Innolight A/H Listing – Early Look – Peer Comparison and Thoughts on A/H Premium/Discount
- Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
- Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
- In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.
4. Big Wave Robotics IPO Valuation Analysis
- My base case valuation of Big Wave Robotics is implied target price of 58,987 won per share, which represents 118% higher than high end of the IPO price range.
- Big Wave Robotics’s sales growth averaged 75.2% per year in 2024 and 2025 versus just 0.1% for the comps in the same period.
- Big Wave Robotics’ operating margin rose from -4.8% in 2024 to 3.2% in 2025. The comps’ average operating margin worsened from -5.4% in 2024 to -21.6% in 2025.
5. Aequitas: Hitachi Construction Machinery Block – Another Selldown by Hitachi Right At Lockup Expiry
- Hitachi Ltd (6501 JP) aims to raise around US$580m via a ~7% stake sale in Hitachi Construction Machinery (6305 JP).
- Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
6. Aequitas: Shenzhen LDRobot IPO Trading – Strong Retail Appetite, Decent Insti Demand
- Shenzhen LDRobot (1236DES HK) raised around US$112m in its Hong Kong IPO.
- Shenzhen LDRobot (LDR) is a robotics company focused on intelligent robot visual perception technology as well as the development of complete intelligent robots.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
7. Aequitas:Time Interconnect Placement-Opportunistic Raising but Momentum Is Strong;Last Deal Did Well
- Time Interconnect Technology (1729 HK) is looking to raise around US$300m from a primary share placement.
- TIME Interconnect Technology Limited (TIME) makes cable assembly products, server products, and networking and speciality cables.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
8. Cerebras Systems (CBRS): Upsizes IPO Amid Explosive Institutional Demand, Explosive Debut on Tap
- Cerebras dramatically upsized its IPO after overwhelming institutional and sovereign wealth fund demand drove the deal to become heavily oversubscribed.
- Proprietary wafer-scale AI chips differentiate Cerebras from GPU competitors by improving inference speed and reducing networking bottlenecks.
- Revenue growth, margin expansion, and a $24.6 billion contract backlog support bullish long-term infrastructure scaling expectations.
9. Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine
- 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, Metis TechBio appears to be ticking the right boxes to be doing well.
- On the placement front, there were selldowns in Doosan Robotics (454910 KS) and Lenskart Solutions (LENSKART IN).
10. Lincoln International (LCLN): Banking Advisory Firm Sets Terms for IPO Seeking up to $2.0b Valuation
- Lincoln International launches IPO on May 20, offering 21.0 million shares at $18–$20, implying ~$1.8–$2.0 billion valuation.
- Expected ~$368 million in net proceeds (up to ~$423 million with greenshoe), primarily used to redeem partner units and repay ~$186 million of term debt.
- Global advisory platform focused on private equity and capital markets, with strong growth, diversified revenues, and leading sponsor advisory rankings.
