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/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is looking to raise up to US$1bn 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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn 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.
In this note, we talk about the not-so-positive aspects of the deal.


Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

<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 looking to raise up to US$1bn 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn 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.
In this note, we talk about the positive aspects of the deal.


Pine Labs Pre-IPO - The Positives - Some Segments Growing..

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a>  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.</li>
<li>The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Xero Ltd (XRO AU)  plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.
The US market has been a growth dampener for Xero for a while. The acquisition is large but might not be a game changer.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

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 Incorporated reported strong performance in its first quarter of 2025, with net revenue growing by 17% year-over-year on a non-GAAP currency-neutral basis.</li><li>The company observed a 13% increase in adjusted net income, driven by both consumer payments and value-added services.</li><li>Despite economic uncertainties, including geopolitical tensions and tariffs impacting business sentiment, fundamentals of consumer spending remained solid, buoyed by unemployment rates and wage increases outpacing inflation.</li></ul>

Mastercard Incorporated reported strong performance in its first quarter of 2025, with net revenue growing by 17% year-over-year on a non-GAAP currency-neutral basis.The company observed a 13% increase in adjusted net income, driven by both consumer payments and value-added services.Despite economic uncertainties, including geopolitical tensions and tariffs impacting business sentiment, fundamentals of consumer spending remained solid, buoyed by unemployment rates and wage increases outpacing inflation.

Mastercard Incorporated: Emerging Technology Adoption & Integration Are The Biggest Secret Contributors To Its Future Growth!

<ul><li>Mastercard Incorporated's latest earnings highlighted a robust financial performance for the fourth quarter of 2024 and the full fiscal year, reflecting strong growth and strategic execution across its diverse business segments.</li><li>Revenue and income both exhibited solid year-over-year growth, a testament to the company's effective strategies in expanding its Payment and Services & Solutions capabilities.</li><li>A key positive from the earnings report is Mastercard's strong revenue growth, with net revenues rising by 16% in Q4 on a currency-neutral basis, driven primarily by increased transaction volumes and vigorous demand for value-added services.</li></ul>

Mastercard Incorporated's latest earnings highlighted a robust financial performance for the fourth quarter of 2024 and the full fiscal year, reflecting strong growth and strategic execution across its diverse business segments.Revenue and income both exhibited solid year-over-year growth, a testament to the company's effective strategies in expanding its Payment and Services & Solutions capabilities.A key positive from the earnings report is Mastercard's strong revenue growth, with net revenues rising by 16% in Q4 on a currency-neutral basis, driven primarily by increased transaction volumes and vigorous demand for value-added services.

Mastercard: Can Its Cross-Border Revenue Growth Be Sustained? - Major Drivers

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)

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Pine Labs Pre-IPO - The Positives - Some Segments Growing..

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Ltd (XRO AU) plans to raise around US$1.2bn via an institutional placement to partly fund the US$2.5bn acquisition for Melio.

Sumeet Singh

Mastercard Incorporated: Emerging Technology Adoption & Integration Are The Biggest Secret Contributors To Its Future Growth!

Mastercard Incorporated reported strong performance in its first quarter of 2025, with net revenue growing by 17% year-over-year on a non-GAAP...

Baptista Research

Mastercard: Can Its Cross-Border Revenue Growth Be Sustained? - Major Drivers

Mastercard Incorporated's latest earnings highlighted a robust financial performance for the fourth quarter of 2024 and the full fiscal year,...

Baptista Research

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