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] KKR’s Kokusai Cleanup –
- Today after the close, KKR announced it would be selling its remaining position in Kokusai Electric (6525 JP) of 24.692mm shares or 10.4% of shares out in an overnight offering.
- At the indicated discount, this is a bit under US$1.0bn. No greenshoe. No lockup. They’re done. They did pretty well. AMAT may do a cleanup in the not-distant future.
- This offering is 20% of Max Real World Float. 27+% if Capital isn’t “real world float” today. Index demand is far-dated. Attractive discount for short-term.
2. Initial Thoughts on the SpaceX IPO
- SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).
- After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI.
- Although SpaceX’s valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x.
3. Aequitas: Kokusai Electric Placement – Past Deals Have Been Mixed but Its a US$1bn Cleanup
- KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock.
- KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.
- In this note, we will talk about the placement and run the deal through our ECM framework.
4. Aequitas: SK Hynix ADR Listing – Part 1 – Early Look at the US$10-15bn Offering
- SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
- SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
5. Aequitas: SK Hynix ADR Listing – Part 2 – The Quest for a US$1tn+ Valuation
- SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
- SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
6. GO (581A JP) IPO: The Investment Case
- GO (581A JP) is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$549 million). Pricing is on 1 June, with listing on 16 June.
- It was formed in 2020 through the merger of JapanTaxi, a subsidiary of the major taxi operator Nihon Kotsu Group, and DeNA (2432 JP)‘s mobility division.
- The investment case rests on its leading market position, headroom for growth, strong growth, rising margins, and cash generation.
7. SpaceX (SPCX US): Peeking at the IPO Prospectus of a High Profile Space Infrastructure Company
- SpaceX filed one of the most anticipated IPOs ever, combining dominant space launch, global connectivity, and rapidly scaling AI infrastructure assets.
- Starlink drives profitability and cash flow, while aggressive investments in Starship and AI position SpaceX for massive long-term market expansion.
- SpaceX’s vertically integrated ecosystem spanning rockets, satellites, AI compute, Grok, and X creates a differentiated platform targeting a claimed $28.5 trillion TAM.
8. [Japan Offering] Hulic (3003) Sees Crossholder Selldown in ABO Offering Despite Retail Dominance
- Today after the close, Hulic Co Ltd (3003 JP) announced that several crossholders would sell about ¥30bn of stock in an overnight offering to international investors.
- The Real World Float on this stock is about 27% or so 2.3% is about 8% of Max RWF. Given 75% of MRWF is held by retail, this is surprising.
- The stock is far less volatile than its leverage would suggest but the stock is performing better than a sector suffering from waning investor interest. Could be a good punt.
9. Initial Thoughts on the Changxin Memory Technologies (CXMT) IPO
- Changxin Memory Technologies (CXMT) is getting ready to complete its IPO on China’s Star market in 2H 2026.
- In May 2026, CXMT submitted its updated initial public offering (IPO) prospectus to the Shanghai Stock Exchange’s STAR Market.
- CXMT is seeking to raise 29.5 billion yuan ($4.3 billion) in this IPO in what is poised to be one of the largest IPOs in China in 2026.
10. Aequitas: Rigaku Placement – Cleanup Sale by Carlyle; Jap Leader in Niche Xrays for Semis Inspection
- Carlyle (via Atom Investment) is looking to sell up to ~29m shares in a secondary offering of Rigaku Holdings (268A JP).
- This comes on the heels of Atom doing a block sale to Onto Innovation, whereby Onto acquired 61.1m shares from Atom, on 20th April, 2026.
- In this note, we will talk about the placement and run the deal through our ECM framework.
