Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe </a>(PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.</li>
<li>The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.</li>
<li>As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.</li>
</ul>


Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.
The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.
As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.


Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is now looking to raise up to US$450m in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Pine Labs IPO - RHP Updates and Thoughts on Valuation

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

<ul><li>Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12% from the previous year on a non-GAAP currency-neutral basis.</li><li>This growth underscores the effectiveness of Mastercard's diversified business model and execution against strategic priorities.</li><li>The company experienced continued growth in both its payment network and value-added services and solutions, with acquisitions contributing 1 percentage point to revenue growth.</li></ul>

Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12% from the previous year on a non-GAAP currency-neutral basis.This growth underscores the effectiveness of Mastercard's diversified business model and execution against strategic priorities.The company experienced continued growth in both its payment network and value-added services and solutions, with acquisitions contributing 1 percentage point to revenue growth.

Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...

Andrei Zakharov

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12%...

Baptista Research

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52-week Range

Market Cap (USDm)

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Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

​Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...

Andrei Zakharov

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12%...

Baptista Research

Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...