The planned US$28b SK Hynix IPO on Nasdaq, combined with its focus on HBM chips for AI data centers, is creating a busy moment for capital markets specialists that help bring large deals to investors. When money flows into blockbuster offerings, the companies that advise, underwrite or list around them can see meaningful shifts in activity and risk. This article looks at how that SK Hynix listing wave may touch a handful of recent and upcoming financial listings, and highlights 3 stocks from our IPO Beneficiaries screener that may be exposed to this news event.

Miami International Holdings (MIAX)

Overview: Miami International Holdings operates a suite of technology driven exchanges and clearing platforms across options, equities, futures and international listings, connecting retail, institutional and corporate clients to multiple asset classes. The company also offers clearing, brokerage and securities services, anchored by its headquarters in Princeton, New Jersey.

Operations: Miami International Holdings generates most of its revenue from options at about US$1.15b, with additional contributions from equities at roughly US$147.2m, futures at US$87.4m, international operations at US$19.5m and corporate and other activities at US$1.2m.

Market Cap: US$3.88b

Miami International Holdings sits at the intersection of rising options and futures activity and headline IPOs such as SK Hynix, which can lift volumes across its exchanges and create fresh listing and data revenue opportunities. The company has recently moved from a loss to net income of US$170.22m on revenue of US$369.69m. Earnings, margins and analyst expectations point to a business that some investors view as attractively valued versus parts of the capital markets sector. At the same time, a forecast revenue decline, a funding mix fully reliant on external liabilities and a large one off loss in the last 12 months mean this is not a simple growth story. Understanding how these moving pieces fit together is crucial before deciding how MIAX fits into a portfolio.

Miami International Holdings looks like an exchange group whose recent swing to US$170.22m in net income could be masking key trade offs between growth, funding and risk structure, which the 4 key rewards and 1 important warning sign quietly surfaces

Lincoln International (LCLN)

Overview: Lincoln International is an independent investment banking advisory firm that focuses on private capital markets, helping clients such as private equity, private credit and institutional investors with mergers and acquisitions, capital raising, restructuring, portfolio valuations and transaction opinions across sectors including business services, consumer, healthcare, industrials and technology.

Operations: Lincoln International generates most of its revenue from Investment Banking Advisory at about US$633.9m, with Valuations and Opinions contributing roughly US$175.5m, and earns about US$594.7m from the Americas, US$206.4m from Europe and US$8.3m from Asia.

Market Cap: US$2.51b

Lincoln International sits in the slipstream of large deals such as the US$28b SK Hynix Nasdaq IPO, because active private equity sponsors and institutional investors often lean on firms like this for M&A, capital advisory and valuation work when liquidity returns and asset values are being reassessed. The company pairs a very low P/E and a share price that is well below some fair value estimates with reported revenue growth of 14.7% per year and an ROE above 50%. However, that value story comes with questions about earnings quality, reliance on external borrowing and a board and management team that are still bedding in. For investors, a key consideration is how those strengths and weaknesses balance out as IPO and private capital markets stay busy.

Lincoln International’s low P/E, double digit reported revenue growth and high ROE raise the question of what investors might be missing, and the 2 key rewards and 1 important major warning sign could reveal the twist that ties those pieces together.

Gemini Space Station (GEMI)

Overview: Gemini Space Station runs a regulated crypto platform that lets retail and institutional users trade, store and earn on digital assets across spot markets, derivatives, prediction markets, custody and a crypto rewards credit card, with a growing presence in the United States, Europe, Australia and Singapore.

Operations: Gemini Space Station generates about US$194.5m in revenue from data processing, with roughly US$169.4m from the United States and US$25.1m from international markets.

Market Cap: US$504.6m

Gemini Space Station sits at the crossroads of crypto trading, derivatives and tokenized assets just as capital markets activity is picking up again, including headline offerings such as SK Hynix’s Nasdaq listing and its own ongoing Nasdaq partnership discussions. Revenue grew 38.6% over the past year and is forecast to grow about 19.1% annually. However, the company is still loss making, carries less than a year of cash runway and funds all liabilities through higher risk external borrowing. Combined with rapid international expansion, a new CFTC clearing license and a recent class action lawsuit, this creates a stock where growth, regulation and funding risk are tightly intertwined, which many investors may want to understand in more depth before deciding how GEMI fits into their portfolio.

Gemini Space Station’s accelerating crypto reach and fresh CFTC clearing license could be masking a very different risk reward profile, and the analysis report for Gemini Space Station might be where the real tension in that story starts.

The three stocks covered here are only a starting point, and the full IPO Beneficiaries screener surfaces 2 more companies with equally compelling IPO beneficiary narratives that you have not seen yet. Use Simply Wall St to identify and analyze the specific catalysts and storylines highlighted here so you can focus on the highest conviction opportunities for your watchlist.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.