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.

Event-Driven

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.</li>
<li>GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.
GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the upcoming lockup expiry.


GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

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 Capital Markets

<ul><li>Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat.</li><li>Active drivers, active riders, and total rides everything was high.</li><li>In this quarter, the number of active users who are using Lyft displayed the strongest growth.</li></ul>

Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat.Active drivers, active riders, and total rides everything was high.In this quarter, the number of active users who are using Lyft displayed the strongest growth.

Lyft Inc: Entry Into The Advertising Business & Other Drivers

<ul><li>After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same.</li><li>Rideshare rides were up 27% year over year, and both active riders and rides have reached post-COVID highs.</li><li>A mixture of new and seasoned drivers contributed to the largest number of active drivers in the past two years.</li></ul>

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same.Rideshare rides were up 27% year over year, and both active riders and rides have reached post-COVID highs.A mixture of new and seasoned drivers contributed to the largest number of active drivers in the past two years.

Lyft Inc: Marketing & Advertising Unit & Other Drivers

Equity Bottom-Up

<ul>
<li>This is our first report on ride sharing major, Lyft.</li>
<li>The number of active drivers increased by more than 40% in Q1, compared to the same period last year, and new driver activations increased by 70%.</li>
<li>Even though their market has been improving, Lyft intends to keep raising service standards to prepare for future expansion.</li>
</ul>


This is our first report on ride sharing major, Lyft.
The number of active drivers increased by more than 40% in Q1, compared to the same period last year, and new driver activations increased by 70%.
Even though their market has been improving, Lyft intends to keep raising service standards to prepare for future expansion.


Lyft Inc.: Initiation of Coverage – Business Strategy

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). </li>
<li>The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million. </li>
<li>We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won. </li>
</ul>


SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). 
The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million. 
We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won. 


Socar IPO: Slightly Revises IPO Prospectus Details

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lyft (LYFT US)

GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their...

Sumeet Singh

Lyft Inc: Entry Into The Advertising Business & Other Drivers

Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat. Active drivers, active riders,...

Baptista Research

Lyft Inc: Marketing & Advertising Unit & Other Drivers

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same. Rideshare rides were up 27% year over year,...

Baptista Research

Socar IPO: Slightly Revises IPO Prospectus Details

SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). We...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their...

Sumeet Singh

Lyft Inc: Entry Into The Advertising Business & Other Drivers

Lyft had a mixed quarter and failed to meet the revenue expectations of Wall Street but managed an earnings beat. Active drivers, active riders,...

Baptista Research

Lyft Inc: Marketing & Advertising Unit & Other Drivers

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same. Rideshare rides were up 27% year over year,...

Baptista Research

Lyft Inc.: Initiation of Coverage – Business Strategy

This is our first report on ride sharing major, Lyft. The number of active drivers increased by more than 40% in Q1, compared to the same period...

Baptista Research

Socar IPO: Slightly Revises IPO Prospectus Details

SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). We...

Douglas Kim