💳 New IPO: OPay Limited (#OPAY) A new IPO is now available in the Fintch app. OPay Limited is a Singapore holding company behind OPay, a digital banking and fintech platform spun out of browser maker Opera in 2017 - founder Zhou Yahui also built Kunlun Tech and backs Opera. OPay is Nigeria's #1 digital bank and payments platform, and per Frost & Sullivan, the #1 fintech app in Africa and the Middle East by monthly active user share (9.9% as of Jun 30, 2026) - in Nigeria it ranks #2 among all apps by daily active users, competing with social media and messengers for attention, not just other fintechs. The platform serves consumers (wallet, transfers, bill pay, OWealth savings, microloans, airtime top-up) and merchants (POS acquiring, agent network). Nigeria is the core market; Indonesia (lending), Egypt and Pakistan (merchant acquiring, wallets) are early-stage expansion. SoftBank Vision Fund 2 led a $400M round at a $2B valuation in 2021. Bet on: a financial super-app for a largely unbanked population - instant P2P transfers, bill pay, airtime, QR payments, monetized through transaction fees, merchant acquiring, and interest/spread on savings and microloans + real network effects at scale: 50M MAU and $558B in GTV, where growth on either side of the marketplace reinforces the other + operating leverage already showing up - a 2024 loss flipped to a 2025 profit, then $90.9M net income in H1 2026 alone on the same cost base + anchor orders covering ~84.4% of the IPO book, including a $200M private placement from Standard Bank, Africa's largest bank, now also a strategic partner. 📊 Key terms - Price range: $19-21 per ADS - ADS offered: 16,000,000 - Gross proceeds: ~$320M at midpoint - Market cap: ~$4.2B at midpoint - more than double the $2B 2021 funding valuation - Exchange: NYSE | Ticker: OPAY - Pricing: October 29, 2026 | Trading: October 30, 2026 - Lock-up: 93 days - Use of proceeds: technology, distribution, new products, new market entry, potential M&A 💰 Financials - Revenue: $205.7M (2024) → $536.3M (2025, +161%) | LTM to Jun 30, 2026: $806M | H1 2026: $467.1M vs. ~$197M a year earlier (+137%) - Net income: -$50.8M (2024) → +$72.5M (2025) → +$90.9M in H1 2026 alone - Scale (LTM to Jun/Jul 2026): ~50.1M MAU, 26.8M DAU, 90.1B transactions, $558B GTV - Revenue concentration: 89.5% from Nigeria in H1 2026 - Valuation at $4.2B: ~5.2x TTM revenue ($806M); ~20-23x forward P/E on an annualized ~$180M net income - moderate for a profitable, 137%-growth fintech, though it doesn't price in Nigeria currency/country risk 🎯 Thesis OPay is the rare profile in this IPO wave: not biotech, not US tech, but a profitable, hypergrowth fintech dominating a developing-market super-app category - the same playbook that built Nubank in Brazil and Mercado Pago in Latin America. The anchor-heavy book (~84% covered, with Standard Bank as both strategic partner and anchor) makes demand close to pre-committed. Key risk: 89.5% of revenue sits in Nigeria, exposing the stock to naira volatility, Central Bank of Nigeria regulatory risk, and competition from Moniepoint and PalmPay - plus governance questions tied to the Opera/Kunlun ownership chain that EM investors typically discount for. 🏛️ Joint bookrunners: Citigroup, Deutsche Bank Securities, Standard Bank, CICC. 📅 Deadline: October 29, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🧬 New IPO: Lycia Therapeutics (#LYCA) A new IPO is now available in the Fintch app. Lycia Therapeutics is a South San Francisco clinical-stage biotech built around LYTAC, a platform co-founded by Nobel laureate Carolyn Bertozzi (2022 Chemistry Prize, click chemistry) that degrades extracellular and membrane proteins - not just the intracellular targets classic PROTAC degraders hit. CEO Aetna Wun Trombley. Instead of merely blocking a pathogenic protein like an antibody does, LYTAC routes it to the lysosome via uptake receptors for destruction; the newer cataLYTAC variant works catalytically, so one drug molecule can degrade many target molecules. Roughly 40% of human proteins are extracellular or membrane-bound - a space PROTAC companies can't reach. Bet on: lead asset LCA-0061, a cataLYTAC IgE degrader in Phase 1 for elevated-IgE conditions including food allergy - IgE is a clinically validated target (Xolair, $4B+ in sales) and catalytic degradation could clear IgE more deeply and durably than antibody blockade + LCA-0321, a LYTAC degrader for Graves' disease that destroys the pathogenic TRAb autoantibodies directly - a mechanism no other therapeutic approach offers today + Eli Lilly as a strategic investor, backing both the platform and the IPO book + a crossover syndicate (OrbiMed, RTW, Venrock Healthcare, Janus Henderson, Balyasny, Adage, Franklin Templeton, Invus, HBM) that's unusually strong for a Phase 1 biotech. 📊 Key terms - Price range: $16-18 per share (midpoint $17) - Shares: 14,700,000 + underwriters' option - Gross proceeds: ~$249.9M at midpoint - Market cap: ~$885.6M at pricing - Exchange: Nasdaq Global Market | Ticker: LYCA - Terms set: October 20, 2026 | Pricing: October 22, 2026 | Trading: October 23, 2026 - Lock-up: 93 days - Use of proceeds: LCA-0061 and LCA-0321 through Phase 1 proof-of-concept, LCA-0062 toward clinical readiness, LYTAC/cataLYTAC platform development, working capital 💰 Financials - Product revenue: $0 - clinical-stage - Collaboration revenue: $4.4M (LTM to Jun 30, 2026) - Net loss: $30.03M (LTM to Jun 30, 2026) - a relatively disciplined burn heading into an IPO - Private capital raised: Series C $106.6M (May 2024), Series D $75M (Jun 2026, oversubscribed), plus earlier rounds - Investors: Eli Lilly (strategic), OrbiMed, RTW, Venrock Healthcare, Janus Henderson, Balyasny, Adage, Franklin Templeton, Invus, HBM - Runway: pre-IPO cash + ~$250M IPO - funds several years, through Phase 1 proof-of-concept data for both lead programs - Valuation: ~$885.6M at pricing (up to ~$938M) - a premium for Phase 1, priced on the Nobel-backed platform, the investor syndicate, and Lilly's strategic backing 🎯 Thesis Lycia is a platform bet on a genuinely novel modality: no other company directly degrades extracellular targets like pathogenic autoantibodies (TRAb in Graves') or IgE at this stage. The $250M raise and crossover syndicate signal real institutional conviction for a Phase 1 name, and Eli Lilly's strategic stake adds validation plus a plausible future partnership path. Key risk: LYTAC is clinically unproven - the science is Nobel-caliber, but no degrader of this class has yet shown it works in humans at scale, and IgE-targeted competition from an already-approved $4B+ drug (Xolair) sets a high bar. 🏛️ Lead bookrunner: Jefferies. Joint bookrunners: TD Securities, Evercore ISI, Guggenheim Securities, LifeSci Capital. 📅 Deadline: October 22, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🤖 New IPO: Iambic Therapeutics (#IAM) A new IPO is now available in the Fintch app. Iambic Therapeutics is a San Diego clinical-stage biotech-meets-AI company, founded in 2019 as Entos, developing oncology drugs on a proprietary AI platform that pairs machine learning with automated chemistry and biology experiments. CEO Dr. Thomas Miller. The company's headline achievement: Iambic took its first drug candidate to clinical trials in roughly 2 years - more than 3 years faster than the industry average - running a closed loop where AI generates hypotheses, automated experiments produce data, and that data retrains the models. Iambic bets on owning its own drugs outright rather than running a pure fee-for-platform model; partnered work is treated as supplementary, not core. Bet on: Nvidia as a strategic technology partner providing compute and co-development input - real third-party validation of the AI stack + a proprietary closed-loop platform generating its own experimental data to retrain its models, not licensed or public datasets + three wholly-owned oncology programs, led by IAM1363 - an oral small-molecule HER2 inhibitor differentiated from the market's dominant HER2 antibody-drug conjugates (Enhertu) by being oral and potentially crossing the blood-brain barrier + anchor investors ARK and Duquesne committing $60M into the book. 📊 Key terms - Price range: $15-17 per share - Shares: 9,375,000 + underwriters' option (30-day) - Gross proceeds: ~$150M at range midpoint - Market cap: up to ~$805.8M at top of range ($17) - Nvidia holds ~9.6M pre-IPO shares as strategic partner - Exchange: Nasdaq Global Select Market | Ticker: IAM - Pricing: October 14, 2026 | Trading: October 15, 2026 - Lock-up: 93 days - Use of proceeds: three early-stage oncology programs (IAM1363 Phase 1/1b; IAM217 and IAM-C1 toward IND filing), AI platform development, working capital 💰 Financials - Revenue: $0 - clinical-stage, no marketed products - Private capital raised to date: ~$461.8M across Series B $106.2M (2023), B-2 $65.3M (2024), B-3 $119.3M (2025-2026), B-4 $32.8M (2026), plus earlier rounds - Investors: Nvidia, Q Healthcare Holding (Qatar Investment Authority), Catalio Capital, Nexus Venture Partners, Coatue Management - Anchor orders: ARK and Duquesne, $60M combined - Runway: ~$461.8M raised to date + ~$150-159M IPO + $60M anchor orders - one of the best-capitalized names in this biotech IPO wave, funding several years including first clinical readouts - Valuation: up to ~$805.8M at the $17 top of range - a moderately rich "platform premium" for a Phase 1 oncology biotech; the market will be weighing that premium against Phase 1-stage risk 🎯 Thesis Iambic sits at the intersection of two categories investors watch closely: AI-driven drug discovery and Phase 1 oncology. The Nvidia partnership and self-reinforcing data loop differentiate it from "AI biotech" peers leaning on licensed datasets, and owning assets outright means it captures full upside if IAM1363 works. The risk is the comp set: Recursion, Schrödinger, Relay, and AbCellera have mostly traded down post-IPO as markets stopped paying for "AI platform" and started pricing clinical data - and two of Iambic's three programs haven't reached the clinic yet. 🏛️ Lead bookrunners: J.P. Morgan, Jefferies, BofA Securities, Citigroup. 📅 Deadline: October 14, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

💍 New IPO: Oura Health (#OURA) A new IPO is now available in the Fintch app. Oura Health is a health-tech company behind the Oura Ring - a titanium smart ring tracking sleep, readiness, activity, heart health, and other biometrics. Founded 11 years ago in Finland; redomiciled to Delaware in March 2026 to streamline the US listing. Co-CEOs Tom Hale and Shyamal Patel. Oura effectively created the smart ring category and has defended its lead since Samsung entered with the Galaxy Ring. Bet on: a hardware-plus-subscription model with conversion above 94% - almost every ring buyer signs up for Oura Membership + 5M paid subscribers, up 2x YoY + profitability that's rare for a consumer health-tech IPO: net income swung from ~$1.6M to ~$59-61M TTM while revenue grew 74% + Eli Lilly as an anchor investor ($100M) - Oura positions as the companion device for GLP-1 weight-loss therapy, tracking the metabolic and cardiovascular metrics that matter during treatment + a data moat that compounds: years of biometric data across millions of users improves the product's personalized insights as it scales. 📊 Key terms - Price range: $40-44 per share - Shares: 50,000,000 + underwriters' option up to 7,500,000 (30-day) - Gross proceeds: up to ~$2.2B at $44 - Market cap: ~$15.62B at top of range, fully diluted - Exchange: Nasdaq Global Select Market | Ticker: OURA - Pricing: September 29, 2026 | Trading: September 30, 2026 - Lock-up: 93 days - Prior valuation: ~$11B (Series E, Oct 2025, led by Fidelity, $900M+ raised) - IPO values the company ~1.4x higher 11 months later 💰 Financials - LTM revenue (Jun 2026): ~$1.4B | 9-month revenue (through Jun 30, 2026): $1.21B (+74% YoY) - LTM net income: ~$59-61M, up from ~$1.6M a year earlier - Rings shipped (9 months): 3.1M units | Paid subscribers: 5M (2x YoY), 94%+ conversion - Total funding pre-IPO: ~$1.5B across 10 rounds - Valuation at $44: ~11.2x LTM revenue, ~9.8x annualized 9-month revenue, ~260x LTM net income - the high P/E reflects growth and subscription optionality, not current earnings - Comps: Garmin (~$40B cap, ~5x revenue, ~10% growth); Whoop (private, subscription-heavy model) 🎯 Thesis Oura is pricing as a premium consumer health-tech platform, not a hardware company - ~10x revenue with 74% growth and actual profitability is a rare combination for this IPO wave. The moat is data plus habit: near-universal subscription attach and a ring people wear to bed builds a sleep/recovery dataset competitors can't easily replicate, and the GLP-1 tailwind (Lilly's backing) gives it a growing adjacent use case beyond fitness tracking. Key risk: Samsung and Apple have the resources to contest this category directly, and retail customer concentration plus reliance on third-party AI vendors are flagged in the S-1. 🏛️ Lead bookrunners: Goldman Sachs, Morgan Stanley, J.P. Morgan. Additional bookrunners: Allen & Company, Jefferies. Five-bank, Tier-1-heavy syndicate - one of the strongest seen in consumer tech this year, comparable to the Bending Spoons lineup. 📅 Deadline: September 29, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🚀 Enflame surged on debut - this is what exclusive access looks like Enflame listed on China's STAR Market (Shanghai) on September 11. IPO price was RMB 142.18 - the stock opened at RMB 410, ran as high as RMB 475 intraday, and closed the debut session up roughly 188-206%. This is exactly the kind of setup Fintch opened access to weeks before listing: the last of China's "Four GPU Dragons" to go public, priced at ~61.8x 2025 revenue while its already-listed peers (Moore Threads, MetaX, CXMT) were trading at 160x+. The gap closed the way we expected. One thing to keep in mind if you're in this position: lock-up is 365 days from entry. This is a hold, not a flip - the value shows up on paper today, but the position stays closed until the lock-up clears. 📲 Explore what's open now in the Fintch app: apps.apple.com/app/fintch/id…

🔬 New IPO: CanSemi Technology (#301660) A new IPO is now available in the Fintch app. CanSemi Technology is a Guangzhou-based 12-inch specialty semiconductor foundry, manufacturing chips to order for other developers - analog and power ICs, image sensors, and silicon photonics solutions for AI data centers. Founded 2017, mass production since 2019. Shareholders include Guangdong provincial state funds and state investment corp SDIC. Bet on: the only mainland Chinese producer running mass production of 12-inch silicon photonics wafers, per the company - the tech behind high-speed optical links inside AI data centers + fab utilization at ~96%, the foundry sells nearly everything it produces + revenue up ~2.5x in two years (¥1.04B to ¥2.58B) + 200+ clients, ~40 publicly listed, chips already in VIVO and OPPO fingerprint scanners + China's chip self-sufficiency push as the structural tailwind: domestic production covers only ~16% of the country's analog chip demand, under 10% in automotive - foreign suppliers (Texas Instruments, Analog Devices, Infineon) still hold a large share of that market. 📊 Key terms - Entry price: $2.54 per share - Subscription opens: September 24, 2026 - Exchange: ChiNext | Ticker: 301660 - Target raise: ¥7.5B, floating ~17.8% of shares - Implied IPO market cap: ~¥42B | Our entry valuation: ~¥40B (~$6B) - at or slightly below the IPO reference level - Instrument: forward contract, via licensed Hong Kong broker - Lock-up: 12 months from IPO date 💰 Financials - Revenue: ¥1.04B → ¥2.58B over two years (~2.5x growth) - Fab utilization: ~96% - Client base: 200+ clients, ~40 publicly listed companies 🎯 Thesis CanSemi is an import-substitution bet inside China's biggest structural chip gap - analog and automotive semiconductors, where domestic supply still falls far short of demand. Recent Chinese chip listings on this wave have rallied hard post-IPO: Moore Threads +425% on debut, CXMT +466%, Enflame +292%; closest public comp by business model, Nexchip, is up more than 2x since April. Entry here is priced at or below the IPO reference level, ahead of the same catalyst. Key risk: aftermarket pops of this size aren't guaranteed to repeat, and the deal is structured as a forward contract through a Hong Kong broker, not a direct share purchase. ⚠️ Risk: Medium | Entry fee: 5% | Success fee: 20% of profit | Minimum: 100 USDT 📅 Deadline: September 24, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

⚛️ New IPO: Holtec Nuclear Corp (#HNUC) A new IPO is now available in the Fintch app. Holtec Nuclear Corporation is a Camden, New Jersey vertically integrated nuclear technology company founded in 1986 by Dr. Krishna P. Singh, still CEO and Executive Chairman with control through Class B shares carrying 10 votes each. Its HI-STORM dry storage system has been the industry standard for two decades: 217 patents, three US plants, 150+ reactors on five continents. Holtec owns the 800+ MW Palisades plant in Michigan and is working to restart it, while developing the SMR-300 small modular reactor. Bet on: three businesses under one roof - spent fuel storage (≈75% US share in dry storage, >90% in wet, held for decades because switching cask vendors mid-operation is expensive and disruptive) + decommissioning contracts funded by utility trust funds, predictable multi-year revenue + a growth arm (Palisades, SMR-300) the first two fund internally, so it doesn't raise like a pure-play SMR startup + DOE backing: a $1.52B loan guarantee, a $400M First Mover grant, plus $300M from Michigan. 📊 Key terms - Price range: $15-18 per share | Market cap at $18: ~$10.2B - Shares: 50,000,000 (Class A) + 7,500,000 over-allotment - Gross proceeds: ~$825M at the $16.50 midpoint - Exchange: Nasdaq Global Select + Nasdaq Texas | Ticker: HNUC - Pricing: September 17 | Trading: September 18, 2026 | Lock-up: 93 days - Use of proceeds: SMR-300 deployment, Palisades restart, general corporate purposes 💰 Financials - LTM revenue (Mar 31, 2026): $989M | FY2025: $576.6M, of which $529.0M from site construction - Net income: $386.6M - but a large share is investment income on decommissioning trust funds, not operating profit on products - Capex 2025: $983.6M, mostly Palisades and SMR-300 - Valuation: ~10.3x LTM revenue at $18, ~9.5x at the $16.50 midpoint (~$9.35B). Priced as an option on future Palisades cash flows and SMR-300 upside, not on current business 🎯 Thesis Holtec is the only vertically integrated player holding a dominant cash-generating storage business, its own reactor restart, and an SMR program at once. Unlike Oklo and NuScale - pure SMR names with no revenue - it has revenue and profit today. The tailwind: the US target of 400 GW of nuclear by 2050 is a 4x expansion, and nuclear is the only zero-carbon baseload for AI data centers. The question: the multiple assumes Palisades and SMR-300 both deliver, while today's profit leans on trust fund income rather than product margin. 🏛️ Bookrunners: J.P. Morgan, Guggenheim, Goldman Sachs, Citigroup, BofA, plus Morgan Stanley, Cantor, BMO, Oppenheimer. Nine banks with five Tier-1 co-leads - comparable to SK Hynix and SpaceX. 📅 Deadline: September 17, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🏠 New IPO: Orion180 Insurance Group (#OIG) A new IPO is now available in the Fintch app. Orion180 Insurance Group Inc. is a technology-focused specialty insurance group headquartered in Melbourne, Florida, founded in 2018 by Kenneth Gregg, still CEO. It has grown organically into the second-largest E&S homeowners insurer in the US by direct written premium: 14 states, ~$503-506M of premium under management as of March 31, 2026, 580,000+ policies since inception. Products span E&S and admitted homeowners insurance, FLEX Home, and private flood insurance, sold through 12,000-14,000+ independent agents on the proprietary MY180 underwriting platform. Bet on: a hybrid model separating fee income from underwriting risk - the MGA segment (claims, technology, IoT) earns commission outside the regulated carriers, low capital intensity and high margin, while fronting carriers retain part of the risk and cede the rest to highly rated reinsurers + E&S focus giving pricing flexibility rigid admitted policies don't allow + the opening created by incumbents pulling capacity out of high-risk coastal southern US + 70%+ of new claims handled in-house, settled in 21 days on average. 📊 Key terms - Price range: $15-17 per share | Target market cap: ~$1.58B at the midpoint - Shares: 20,000,000 (Class A) + 3,000,000 over-allotment - Gross proceeds: ~$320M at the $16 midpoint - Exchange: Nasdaq Global Select Market | Ticker: OIG - Pricing: September 17 | Trading: September 18, 2026 | Lock-up: 93 days - Use of proceeds: growth capital, general corporate purposes, possible partial repayment of a new credit facility 💰 Financials - LTM revenue (Jun 30, 2026): $153.14M | LTM net income: $26.82M - H1 2026 revenue: $80.1M (+59%) | net income: $13.5M, a swing from a $3.0M loss - FY2025 revenue: $123.5M (+38.3% YoY) | net income: $16.3M - Direct written premium (LTM): $601M - Combined ratio: 124.7% in H1 2026 vs 158.4% (-33.7 pp); FY2025 107.0% vs 148.9% (-41.9 pp) - Direct loss ratio: 34-36% since inception, ~30 pp better than the industry average - Premium under management: $2M (2018) → $65M (2021) → $263M (2024) → $444M (2025) - Valuation at $17 (~$1.68B): ~11x LTM revenue, ~63x LTM net income 🎯 Thesis Orion180 is asking to be valued as a fast-growing insurtech, not a traditional insurer - P&C carriers trade at 1-2x book or 10-15x earnings, this prices at ~11x revenue and ~63x earnings. What supports it: the company is profitable, unlike Lemonade, Root, and Hippo, all trading well below their IPO valuations. E&S specialization, the tech platform, and partial risk retention separate it from pure MGA models like Bamboo, also filing. Competitors: Kingstone, HCI Group, Universal, Heritage, American Coastal. The central question: does a tech multiple hold for an E&S homeowners writer with catastrophe exposure and a combined ratio still above 100%? Climate cuts both ways - severe weather raises demand and pricing power, and raises catastrophe losses. 🏛️ Bookrunners: RBC Capital Markets, UBS, Raymond James, plus Goldman Sachs, Deutsche Bank, Citizens Capital Markets (JMP), Texas Capital. Seven banks is unusually broad for a homeowners insurer raising $320M - that lineup signals real demand. 📅 Deadline: September 17, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🔥 PRE-IPO DROP: Enflame - the last of China's "Four GPU Dragons" to hit the market Three of its peers already listed. Every single one is trading multiples above its IPO price. This is the last shot at getting in before Enflame does the same. Who they are 👇 Enflame Technology is a Chinese semiconductor company building proprietary AI accelerator chips - compute cards, modules, intelligent computing systems, clusters, and the software stack around them - for cloud and data center AI workloads. Founded 2018. Backed by Tencent, who's both a shareholder and a strategic placement participant in this raise. Why this matters: The last three chip-sector IPOs on the same exchange (STAR Market) all popped hard on day one and never looked back - Moore Threads and MetaX (Dec 2025), Biren (HK, Jan 2026), CXMT (Jul 2026) rallied +76% to +693% on debut, and none has ever traded back down to its IPO price, even after 40-50% pullbacks from peak: 🔹 MetaX: trading 6.4-7.0x its IPO price 🔹 CXMT: 6.1x 🔹 Moore Threads: 4.7x 🔹 Biren: 1.8-1.9x Enflame's entry valuation: ~61.8x 2025 revenue - versus 160x+ for its already-listed peers. Same sector, same exchange, same wave - priced at a fraction of where the market has been putting this category. 📊 Entry terms Company valuation: RMB 61.19B (~$9.12B) Entry price: $21.16 per share Instrument: forward contract The catch - read this: Lock-up: 365 days from entry. This is a position you hold through the listing and beyond, not one you flip. 💼 Entry fee: 5% | Success fee: 20% of profit Minimum investment: 100 USDT 📅 Deadline: September 10, 2026 (inclusive) 📲 Claim your spot in the Fintch app: apps.apple.com/app/fintch/id…

🔥 PRE-IPO DROP: Enflame - the last of China's "Four GPU Dragons" to hit the market Three of its peers already listed. Every single one is trading multiples above its IPO price. This is the last shot at getting in before Enflame does the same. Who they are 👇 Enflame Technology is a Chinese semiconductor company building proprietary AI accelerator chips - compute cards, modules, intelligent computing systems, clusters, and the software stack around them - for cloud and data center AI workloads. Founded 2018. Backed by Tencent, who's both a shareholder and a strategic placement participant in this raise. Why this matters: The last three chip-sector IPOs on the same exchange (STAR Market) all popped hard on day one and never looked back - Moore Threads and MetaX (Dec 2025), Biren (HK, Jan 2026), CXMT (Jul 2026) rallied +76% to +693% on debut, and none has ever traded back down to its IPO price, even after 40-50% pullbacks from peak: 🔹 MetaX: trading 6.4-7.0x its IPO price 🔹 CXMT: 6.1x 🔹 Moore Threads: 4.7x 🔹 Biren: 1.8-1.9x Enflame's entry valuation: ~61.8x 2025 revenue - versus 160x+ for its already-listed peers. Same sector, same exchange, same wave - priced at a fraction of where the market has been putting this category. 📊 Entry terms Company valuation: RMB 61.19B (~$9.12B) Entry price: $21.16 per share Instrument: forward contract The catch - read this: Lock-up: 365 days from entry. This is a position you hold through the listing and beyond, not one you flip. 💼 Entry fee: 5% | Success fee: 20% of profit Minimum investment: 100 USDT 📅 Deadline: September 10, 2026 (inclusive) 📲 Claim your spot in the Fintch app: apps.apple.com/app/fintch/id…

🚀 UNITREE - shares at a 50% discount to current market price We've opened access to Unitree Robotics shares on these terms: Company valuation: $18B Entry price: $44.5 per share Current market price: ~$88 per share Discount: ~50% Deal terms 🔒 Lock-up: 351 days from IPO 📅 Share delivery date: August 19, 2027 Entry fee: 5% Success fee: 20% of profit You're getting into Unitree at roughly half the current market price, in exchange for a 12-month lock-up. Entry price: $44.5 vs. ~$88 on the market. 📲 Claim your spot in the Fintch app: apps.apple.com/app/fintch/id…

🛰️ New IPO: Lyntris (#LYNX) A new IPO is now available in the Fintch app. Lyntris is a Falls Church, Virginia defense-tech company built in May 2026 by merging two Trive Capital portfolio assets: Accelint (AI, autonomous systems, mission-execution software) and Vitesse Systems (RF hardware, antennas, thermal and power systems for defense/space). CEO Brian Morrison joined in October 2025, formerly EVP at AeroVironment. 1,000+ employees, 300+ engineers and scientists. Trive Capital (Dallas) controls 69% pre-IPO, with 12 acquisitions completed since 2018. Bet on: a "sense-to-act" platform between prime contractors (Lockheed, Northrop) and narrow component makers - RF/sensor hardware feeds directly into Accelint's AI and mission-execution software, one integrated stack instead of separate vendors + 200+ active defense programs, no single one above 7% of revenue + ~90% of 2025 revenue from sole-source contracts - real pricing power + $923.9M backlog as of June 30, 2026, ~1.9x trailing revenue, riding the same 2026 defense-tech IPO wave as AEVEX, Arxis, and HawkEye 360. 📊 Key terms - Price range: $19-22 per share - Total shares: 24,000,000 (Lyntris primary: 4,878,049 | selling stockholders: 19,121,951) - Underwriters' over-allotment option: up to 3,600,000 additional shares from selling stockholders - Total offering size: ~$456-528M | Lyntris net proceeds: ~$92.7-107.3M - Market cap at top of range ($22): ~$2.53B - Exchange: NYSE | Ticker: LYNX - Pricing: August 18, 2026 | Trading: August 19, 2026 - Lock-up: 93 days - Use of proceeds (Lyntris portion): ~$60M debt repayment, general corporate purposes. Trive retains a significant equity stake post-IPO 💰 Financials - H1 2026 revenue: $241M (+34.6% YoY vs. $179.1M) | annualized: ~$482M - H1 2026 net loss: $13M (up from $9.7M YoY) - typical for a roll-up scaling through M&A, with elevated amortization and integration costs - Backlog (Jun 30, 2026): $923.9M, ~1.9x annualized revenue - Debt: ~$60M being repaid from IPO proceeds, plus additional roll-up-related leverage - Valuation: ~5.3x annualized revenue at the $22 top of range (~4.9x at the $20.50 midpoint) - a premium to Lockheed's ~2x revenue multiple, but in line with 2026 defense-tech IPO peers AEVEX, Arxis, and HawkEye 360 🎯 Thesis Lyntris is a defense-tech roll-up betting that integrated sense-to-act software plus hardware commands a software-like multiple, not a hardware-contractor one - the 90% sole-source revenue mix and $923.9M backlog back that up with real pricing power. The premium to Lockheed's ~2x revenue is the central question: does 34.6% growth and program diversification justify it, or is this just 2026's defense-IPO wave pricing in enthusiasm. Key risk: net losses are widening as the roll-up integrates, and $60M of debt still needs repaying even after the raise. 🏛️ Lead bookrunners: Ever core ISI, Citigroup, Guggenheim Securities. Joint bookrunner: BofA Securities. Bookrunners: Baird, Raymond James, William Blair. 📅 Deadline: August 18, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🔮 Prediction Markets are now live on Fintch You can now trade on macro and policy outcomes directly in the app - no IPO shares, just a straight view on what happens next. Two markets are open today: 1. How many times will the Fed cut rates in 2026? Resolves on the total number of 25bp cuts through the December FOMC meeting, including any inter-meeting emergency cuts (a 50bp cut counts as two). Right now the market is split wide open: - 0 cuts: 81.7% - 1 cut: 11.5% - 2 cuts: 5.7% - 3+ cuts: 1.2% Source of truth: federalreserve.gov/monetaryp…. 2. Will the Clarity Act be signed into law in 2026? The Digital Asset Market Clarity Act (H.R. 3633) would draw the line between SEC and CFTC jurisdiction over digital assets - the single biggest open question in US crypto regulation. Market resolves on whether H.R. 3633 becomes federal law within the 2026 calendar year. Currently pricing at 50/50 - Yes and No both sitting at 50.00%, essentially a coin flip on Congress. Source of truth: congress.gov. Bet on: binary and multi-outcome contracts settled against official government sources, not opinion + Fed-cut pricing already showing the market leaning hard toward a hold (81.7% on zero cuts) - a read on rate expectations you can act on directly + Clarity Act at dead-even odds means this is genuinely undecided - a real hedge or a real bet, not a formality. 📲 Trade prediction markets now in the Fintch app: apps.apple.com/app/fintch/id…

🎗 New IPO: Latigo Biotherapeutics (#LTGO) A new IPO is now available in the Fintch app. Latigo Biotherapeutics is a Thousand Oaks, California clinical-stage biopharma founded in 2018 by Westlake Village BioPartners, developing non-opioid oral pain therapies targeting Nav1.8 - a peripheral sodium channel genetically and clinically linked to pain signaling. CEO Nima Farzan (ex-Kinnate Biopharma, PaxVax, Novartis - led prior IPO and M&A deals). CFO/CBO Neha Krishnamohan (ex-Artiva, Kinnate, former Goldman Sachs healthcare banker). CMO Dr. Neil Singla (250+ pain studies). Chairman Timothy Walbert, former Chairman/CEO of Horizon Therapeutics, sold to Amgen for $28B in 2023 - an exceptionally credentialed team with public-company and M&A track records. Bet on: a validated mechanism, not a first-in-class gamble - Vertex's Journavx (suzetrigine), the first Nav1.8 inhibitor, was FDA-approved in January 2025 for acute pain, proving both the regulatory path and commercial demand for this channel + lead candidate LTG-001 already showing positive Phase 3-ready data: hit its primary SPID48 endpoint vs. placebo in a 343-patient abdominoplasty study, with fast onset and opioid-sparing effect + LTG-321 targets chronic musculoskeletal pain (starting with osteoarthritis) - a market that dwarfs acute pain + positioning against Journavx on speed of onset, tolerability, and degree of opioid reduction. 📊 Key terms - Price range: $16-18 per share - Shares: 16,000,000 - Gross proceeds: ~$272M at $17 - Market cap: ~$1.2B fully diluted at $17 - Exchange: Nasdaq Global Select Market | Ticker: LTGO - Pricing: August 6, 2026 | Trading: August 7, 2026 - Lock-up: 93 days - Use of proceeds: Phase 3 for LTG-001 (bunionectomy trial + open-label safety), Phase 2 for LTG-321, early-stage pipeline, working capital 💰 Financials - Revenue: $0 - clinical-stage, no marketed products - Total capital raised: ~$302-322M. Series A (Feb 2024, after 4 years in stealth): $135M led by Westlake Village BioPartners, with 5AM Ventures and Foresite Capital. Series B (Mar 2025): $150M - Runway: ~$302M raised + ~$272M IPO ≈ $574M against ~$100-150M/year burn across two Phase 3 trials and one Phase 2 - more than 3 years, covering Phase 3 topline (H2 2027) and LTG-321 Phase 2 data - Valuation: ~$1.2B fully diluted at the $17 midpoint - reflects lower risk than Phase 1 peers (Attovia, BlossomHill, Scribe) and lines up with Braveheart's Phase 2-stage valuation 🎯 Thesis Latigo is a de-risked bet on the Nav1.8 category Vertex's Journavx already proved out commercially - the question isn't whether the mechanism works, but whether Latigo can differentiate on onset speed, tolerability, and opioid-sparing magnitude against a $100B+ market cap incumbent. LTG-001's Phase 3-ready data and an elite team with a prior $28B exit (Horizon/Amgen) support the premium valuation. Key risk: Journavx already owns the acute-pain narrative, and Latigo's chronic-pain asset (LTG-321) is still only Phase 2, with data more than a year out. 🏛 Joint bookrunners: Goldman Sachs, Jefferies, Leerink Partners, Guggenheim Securities. 📅 Deadline: August 6, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🎯 New IPO: BlossomHill Therapeutics (#BLSM) A new IPO is now available in the Fintch app. BlossomHill Therapeutics is a San Diego clinical-stage biopharma founded in 2020, developing targeted small-molecule oncology drugs using structure-based design and macrocyclic chemistry to overcome drug resistance. Founder, President and CEO Dr. J. Jean Cui - lead developer of three FDA-approved drugs (Xalkori, Lorbrena, Augtyro) at her prior company, Turning Point Therapeutics, acquired by Bristol Myers Squibb for $4.1B in 2022. Co-founder Dr. Y. Peter Li. 63 employees, 29 patent families - effectively "Turning Point 2.0" with the same team applied to a new generation of targets. Bet on: lead candidate BH-30643, an oral macrocyclic OMNI-EGFR inhibitor targeting NSCLC with EGFR mutations including C797S - a resistance mutation that emerges after Tagrisso (AstraZeneca, $6B+ blockbuster) with no approved oral therapy today, an FDA meeting on accelerated approval planned for Q4 2026 + BH-30236, a CLK inhibitor for relapsed/refractory AML and high-risk MDS, already granted FDA orphan drug status + BH-501284, a pan-KRAS inhibitor targeting mutations (G12D, G12V) that approved covalent inhibitors like Lumakras and Krazati can't touch, since they only hit G12C + a founder with a proven $4.1B exit precedent, which historically commands an M&A premium for resistance-focused oncology assets. 📊 Key terms - Price range: $15-17 per share - Exchange: Nasdaq Global Select Market | Ticker: BLSM - Pricing: August 5, 2026 | Trading: August 6, 2026 - Lock-up: 93 days - Use of proceeds: BH-30643 development for EGFR-mutant NSCLC (global Phase 1/2, planned Phase 2), BH-30236 for AML/HR-MDS (Phase 1, monotherapy and with venetoclax), IND-enabling preclinical work and Phase 1 start for BH-501284 (pan-KRAS), R&D and working capital 💰 Financials - Revenue: $0 - clinical-stage, no marketed products - Total private capital raised: $257M ($173M at stealth exit in Feb 2024 plus later rounds; $100M Series B led by Colt Ventures). Investors include Colt Ventures, Cormorant Asset Management, OrbiMed - FY2025 net loss: $60.6M | cash: $116.0M | debt: $23.02M | net cash: $92.98M - LTM operating cash flow: -$56.89M | LTM free cash flow: -$57.56M - Runway: $116M cash + IPO proceeds (est. $150-250M) against ~$60M/year burn - 3+ years, extending further post-IPO - Valuation reflects a "founder premium": a Phase 1/2 oncology platform led by the developer of three approved drugs and a $4.1B prior exit, with three differentiated resistance-focused programs 🎯 Thesis BlossomHill is a repeat-founder bet: Dr. Cui already built and sold one resistance-focused oncology platform to BMS for $4.1B, and BlossomHill applies the same structure-based, macrocyclic-chemistry playbook to a new generation of targets - EGFR C797S, pan-KRAS, and CLK/splicing in AML. Each program targets a real gap left by approved drugs (Tagrisso, Lumakras/Krazati) rather than competing head-on. Closest public comps are Nuvalent (similar resistance-focused thesis, re-rated strongly post-IPO) and Revolution Medicines (pan-RAS leader, ~$10B cap) - BlossomHill occupies the same thesis with an even stronger founder pedigree, though all three lead assets remain Phase 1/2 with no efficacy readouts yet. 🏛️ Lead bookrunners: J.P. Morgan, Leerink Partners, Guggenheim Securities. Additional bookrunners: LifeSci Capital, H.C. Wainwright & Co. 📅 Deadline: August 5, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

❤️ New IPO: Braveheart Bio (#BRVE) A new IPO is now available in the Fintch app. Braveheart Bio is a San Francisco clinical-stage biopharma, founded just 8 months ago (November 2025), developing treatments for hypertrophic cardiomyopathy (HCM). Lead asset BHB-1893 is a next-generation oral cardiac myosin inhibitor for both obstructive (oHCM) and non-obstructive (nHCM) forms. Chairman Chris Viehbacher, former CEO of Biogen and Sanofi. CEO Travis Murdoch. Critical structural detail: BHB-1893 was discovered and developed by China's Jiangsu Hengrui Pharmaceuticals - Braveheart licensed ex-Greater China rights in a 2025 deal worth up to $1B in milestones, and every trial to date was planned, funded, and run by Hengrui, mostly in China. Bet on: a validated drug class with a proven ceiling - mavacamten (Camzyos, BMS), the first approved cardiac myosin inhibitor, has already cleared $500M+ in sales + BHB-1893 positioned as third-generation: faster onset, less systolic impact than mavacamten and aficamten (Cytokinetics), and reversible - if that safety claim holds, it removes the REMS/echo-monitoring burden limiting first-gen CMIs + positive Phase 2 data already reported for both oHCM and nHCM (Mar/May 2026), with nHCM a large, underserved segment neither rival has convincingly addressed + Fidelity Management & Research anchoring up to $75M at IPO price. 📊 Key terms - Price range: $15-17 per share - Shares: 18,800,000 - Gross proceeds: ~$300M - Anchor investor: Fidelity Management & Research (up to $75M at IPO price) - Exchange: Nasdaq Global Market | Ticker: BRVE - Pricing: August 5, 2026 | Trading: August 6, 2026 - Lock-up: 93 days - Use of proceeds: Phase 3 trials for BHB-1893 in oHCM and nHCM, R&D headcount and overhead, general corporate purposes 💰 Financials - Revenue: $0 - clinical-stage, no marketed products - Series A (2025): ~$185M, led by Andreessen Horowitz's Bio + Health arm, with Forbion, OrbiMed, Enavate Sciences, Frazier Life Sciences - Hengrui license deal: up to $1B in upfront and milestone payments for ex-Greater China rights to BHB-1893 - Runway: ~$185M (Series A) + ~$300M (IPO) + $75M (Fidelity) against a typical Phase 3 cardiology burn of $100-150M/year for two trials - roughly 2.5-3 years of runway - Valuation: ~$1.2B at the $16 midpoint - ambitious but not unprecedented for an 8-month-old company; comp Kardigan priced its IPO at ~$1.4B fully diluted with three Phase 2/3 assets 🎯 Thesis Braveheart is "CMI 3.0 with Chinese roots" - a bet that a third-generation cardiac myosin inhibitor can take share from an approved mavacamten and a soon-to-be-approved aficamten by fixing the systolic-safety problem that forces REMS monitoring on the whole class. The China-sourced asset model is capital-efficient (de-risked compound, existing data, a fraction of in-house discovery cost) but carries real dependency risk: FDA may require bridging studies, and Braveheart didn't control the design of the early data it's now IPO'ing on. Comp Kardigan already proved market appetite for de-risked cardiology biotechs - Braveheart is making the same pitch a generation later. 🏛️ Joint bookrunners: Goldman Sachs, Jefferies, TD Cowen, Stifel, Cantor. 📅 Deadline: August 5, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

🧬 New IPO: Attovia Therapeutics (#ATTO) A new IPO is now available in the Fintch app. Attovia Therapeutics is a San Carlos, California clinical-stage biopharma founded in 2022-2023, developing next-generation biologics for immune-mediated diseases on its proprietary ATTOBODY platform. CEO Tao Fu. CMO Dr. Hubert Chen, formerly SVP of Clinical Development at Krystal Biotech. Backed by Goldman Sachs Alternatives, Deep Track Capital, Frazier Life Sciences, and venBio. The IPO itself is a demand story: launched July 14 targeting ~$100M, then upsized more than 2x to $212.5M within two weeks - against a backdrop where 2026 biotech IPOs are averaging +55% returns, the best-performing US IPO cohort this year. Bet on: ATTOBODY - a bispecific/trispecific nanobody (VHH) platform licensed from Alamar Biosciences, built for deeper tissue penetration and dosing stretched to once every 2-3 months versus weekly or monthly for rival biologics + lead candidate ATTO-1310 (anti-IL-31) already through Phase 1 in chronic pruritus and atopic dermatitis + two more shots on goal - ATTO-2306 (IL-13/IL-31 bispecific) and ATTO-1091 (TL1A/IL-23/integrin α4β7 trispecific for IBD) - across targets Dupixent's $14B+ in AD sales already validates commercially. 📊 Key terms - Price range: $15-17 per share - Shares: 12,500,000 - Gross proceeds: ~$200M at midpoint $16 - Market cap: ~$655M at top of range ($17) - Exchange: Nasdaq Global Market | Ticker: ATTO - Pricing: August 4, 2026 | Trading: August 5, 2026 - Lock-up: 93 days - Use of proceeds: clinical development of ATTO-1310 and ATTO-2306, advancing ATTO-1091 and the broader pipeline, working capital 💰 Financials - Revenue: $0 - clinical-stage, no marketed products - Total private capital raised to date (as of Mar 31, 2026): $255.8M - Series B (May 2024): $105M, oversubscribed, led by Goldman Sachs Alternatives - Series C (Apr 2025): $90M, led by Deep Track Capital, with Vida Ventures, Sanofi Ventures, Mirae Asset Capital - Valuation: ~$655M at midpoint, fully diluted - a platform premium typical for Phase 1 immunology biotechs with validated targets and Tier-1 institutional backing - Precedent: Vera Therapeutics' 2021 IPO (immunology, atacicept) saw a significant re-rate after Phase 3 data - the pattern immunology biotechs get valued against 🎯 Thesis Attovia is a platform bet on nanobody biologics in a space Dupixent, Nemluvio, and Merck's TL1A programs already validate commercially. The whole differentiation case rests on ATTOBODY's dosing-interval edge - a real advantage if quarterly dosing holds up in later trials, but still unproven: no clinical data yet shows the bispecific/trispecific format beats monospecific rivals on efficacy, not just convenience. The 2x IPO upsize is a strong demand signal for a Phase 1 story. 🏛️ Joint lead bookrunners: Morgan Stanley, Leerink Partners, Citigroup, RBC Capital Markets. Joint bookrunner: LifeSci Capital. 📅 Deadline: August 4, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…

😴 New IPO: Apnimed (#APMD) A new IPO is now available in the Fintch app. Apnimed is a Cambridge, Massachusetts late-stage clinical biopharma founded in 2017, developing the world's first pill for obstructive sleep apnea (OSA). Single lead candidate: AD109 (brand name Oxnimbi), a once-daily oral tablet taken at bedtime. This is one of the most de-risked biotech IPOs of the year - two Phase 3 trials completed, NDA submitted to FDA in April 2026, accepted for review in July 2026, PDUFA date February 28, 2027. Strategic investor Shionogi (Japanese pharma) backs the company via equity and a broader sleep medicine collaboration. Bet on: a near-term regulatory binary catalyst - FDA decision less than 7 months after listing, not years out like most clinical-stage biotechs + both Phase 3 trials already hit their primary endpoint (AHI reduction at 26 weeks) across 1,300 patients + a real unmet need: 30-50% of CPAP patients abandon the device, and Oxnimbi is the first oral pharmacological alternative + mechanism independent of weight loss, so it doesn't compete with GLP-1s (Zepbound) - it complements them + closest precedent is Inspire Medical Systems' 2018 IPO, another "CPAP alternative" that ran from a $16 IPO price to $150+ at peak. 📊 Key terms - Price range: $14-16 per share - Shares: 10,000,000 + overallotment option 1,500,000 (30-day) - Gross proceeds: ~$150M at midpoint $15 | net proceeds: ~$134.6M - Market cap: ~$569.85M at midpoint $15 - Exchange: Nasdaq Global Market | Ticker: APMD - Pricing: July 30, 2026 | Trading: July 31, 2026 - Lock-up: 93 days - Use of proceeds: funding through the PDUFA date (Feb 28, 2027) and commercial launch prep 💰 Financials - LTM revenue (to Mar 31, 2026): $120M - unusually high for clinical-stage, driven by Shionogi collaboration payments and milestones, not product sales (Oxnimbi isn't approved yet) - FY2025 net loss: $128.2M (up from $111.3M in 2024) | accumulated deficit: $329.6M - Cash (Jun 30, 2026, preliminary): $172.8M - jumped after a $100M asset sale (SASS JV interest to Shionogi) + $50M debt financing - Runway: ~$172.8M cash + ~$135M IPO ≈ $308M against ~$128M/year burn - covers approval and the start of commercialization, into ~2028 - Peak sales estimate (analysts): $1-3B on a successful launch 🎯 Thesis Apnimed is the "pharmaceutical Inspire" - same CPAP-alternative thesis that took Inspire Medical from a $16 IPO to $150+, but a pill instead of a surgical implant, which scales further. The OSA market is massive and underdiagnosed (~30M US adults with OSA, only ~6M treated) against a $5-8B treatment market dominated by CPAP devices with poor compliance. Key risk is still binary: a February 2027 PDUFA date means approval or rejection lands within 7 months of listing, and the stock will move hard either way. 🏛️ Joint bookrunners: BofA Securities, Evercore ISI, Cantor Fitzgerald, LifeSci Capital. 📅 Deadline: July 30, 2026 (inclusive) 📲 Explore the deal in the Fintch app: apps.apple.com/app/fintch/id…