IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

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<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises Ltd (1217834D IN)</a>, a leading private hospital chain in India, is seeking to raise about US$1.1 billion.    </li>
<li>Founded in 2010, Manipal Hospitals focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care.</li>
<li>The investment case rests on peer-leading revenue growth driven by top-tier KPIs, headroom to sustain growth momentum, peer-leading EBITDA margins, and cash generation.</li>
</ul>



Manipal Health Enterprises Ltd (1217834D IN), a leading private hospital chain in India, is seeking to raise about US$1.1 billion.    
Founded in 2010, Manipal Hospitals focuses on key areas such as cardiology, oncology, transplants, neurosciences, orthopaedics, emergency, and critical care.
The investment case rests on peer-leading revenue growth driven by top-tier KPIs, headroom to sustain growth momentum, peer-leading EBITDA margins, and cash generation.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

STERIS Public Limited Company operates as a provider of infection prevention and other procedural products and services. The Company offers sterilizers and washers, surgical tables, lights and equipment management systems, and endoscopy accessories. STERIS serves healthcare, pharmaceutical, and medical device industries.

<ul><li>STERIS plc reported financial results for fiscal year 2026 reflecting a mixed but overall steady performance amid ongoing economic and operational challenges.</li><li>The company posted a 7% increase in reported revenue in the fourth quarter and 9% growth for the full year, with constant currency organic revenue growth at 5% for the quarter and 7% for the year.</li><li>Growth was driven primarily by volume increases and pricing gains, with approximately 230 basis points of price benefit in Q4.</li></ul>

STERIS plc reported financial results for fiscal year 2026 reflecting a mixed but overall steady performance amid ongoing economic and operational challenges.The company posted a 7% increase in reported revenue in the fourth quarter and 9% growth for the full year, with constant currency organic revenue growth at 5% for the quarter and 7% for the year.Growth was driven primarily by volume increases and pricing gains, with approximately 230 basis points of price benefit in Q4.

STERIS’ $400 Million Healthcare Backlog Puts Equipment Demand Back In Focus!

Hims & Hers Health Inc / Equity Bottom-Up

Hims & Hers Health, Inc. provides health care software solutions. The Company offers multi-specialty telehealth platform that connects consumers to licensed healthcare providers, enabling them to access high-quality medical care for numerous conditions related to mental health, sexual health, dermatology, and primary care. Hims & Hers Health serves customers in the United States.

<ul><li>Hims & Hers Health reported a 4% year-over-year revenue growth to $608 million in the first quarter of 2026, with subscribers increasing 9% to nearly 2.6 million.</li><li>Adjusted EBITDA reached $44 million, reflecting a 7% margin.</li><li>The company underscores a strategic pivot in its weight loss specialty during the quarter, prioritizing branded products such as Novo Nordisk’s Wegovy and Eli Lilly’s offerings while discontinuing compounded products.</li></ul>

Hims & Hers Health reported a 4% year-over-year revenue growth to $608 million in the first quarter of 2026, with subscribers increasing 9% to nearly 2.6 million.Adjusted EBITDA reached $44 million, reflecting a 7% margin.The company underscores a strategic pivot in its weight loss specialty during the quarter, prioritizing branded products such as Novo Nordisk’s Wegovy and Eli Lilly’s offerings while discontinuing compounded products.

Hims & Hers Health’s Eucalyptus Deal Could Expand Its Global Weight-Loss Footprint!

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

<ul><li>Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.</li><li>The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.</li><li>Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.</li></ul>

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in 2H25.The Group operates three hospitals in China, with the Beijing hospital profitable and others showing steady improvement in services and patient volumes.Raffles Medical Group is listed on the Singapore Exchange and operates in 12 cities across five countries in Asia.

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Halozyme Therapeutics, Inc. is a biopharmaceutical company developing products for the diabetes, cancer, dermatology and drug delivery markets. The Company's platform technology is based on recombinant human hyaluronidase plus additional enzymes. Halozyme applies its technology to its proprietary programs and to partnerships with pharmaceutical companies.

<ul><li>Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug delivery.</li><li>The company’s first-quarter revenue grew 42% year-over-year to $377 million, primarily fueled by a 43% rise in royalty revenues to $241 million.</li><li>These royalties stem from a portfolio of 10 approved ENHANZE-enabled products, including DARZALEX subcutaneous, VYVGART Hytrulo, and PHESGO, which collectively continue to demonstrate robust growth.</li></ul>

Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug delivery.The company’s first-quarter revenue grew 42% year-over-year to $377 million, primarily fueled by a 43% rise in royalty revenues to $241 million.These royalties stem from a portfolio of 10 approved ENHANZE-enabled products, including DARZALEX subcutaneous, VYVGART Hytrulo, and PHESGO, which collectively continue to demonstrate robust growth.

Halozyme Therapeutics’ $1 Billion Royalty Milestone — Is The Market Missing ENHANZE?

Health Care
Several billion reasons

Manipal Health IPO: The Investment Case

Manipal Health, a leading private hospital chain in India, is seeking to raise about US$1.1 billion. In this note, I discuss the investment case.

Arun George

STERIS’ $400 Million Healthcare Backlog Puts Equipment Demand Back In Focus!

STERIS plc reported financial results for fiscal year 2026 reflecting a mixed but overall steady performance amid ongoing economic and operational...

Baptista Research

Hims & Hers Health’s Eucalyptus Deal Could Expand Its Global Weight-Loss Footprint!

Hims & Hers Health reported a 4% year-over-year revenue growth to $608 million in the first quarter of 2026, with subscribers increasing 9% to...

Baptista Research

kopi-C with Raffles Medical Group CEO: “There’s no quick money in healthcare”

Raffles Medical Group's revenue reached S$765.3 million in 2025, with Profit After Tax and Minority Interests rising 22% to S$38.5 million in...

Singapore Exchange Ltd (SGX)

Halozyme Therapeutics’ $1 Billion Royalty Milestone — Is The Market Missing ENHANZE?

Halozyme Therapeutics reported a strong start to 2026, driven by the increasing adoption of its ENHANZE technology enabling subcutaneous drug...

Baptista Research