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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.</li>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). </li>
<li>Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.</li>
</ul>


Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop</li>
<li>TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength</li>
<li>Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little </li>
</ul>


MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop
TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 


Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.</li>
<li>U.S. President Trump’s investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has so far generated about a 48.5% return, which raises the question — what’s next?</li>
<li>That said, we continue to believe that <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> must demonstrate real performance improvements before claiming a full turnaround.</li>
</ul>



Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.


Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.</li>
<li>Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.</li>
<li>The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.</li>
</ul>


Tech Mahindra delivered sequential revenue growth and a 100-bps margin expansion in Q2FY26, supported by Project Fortius, stronger deal wins, and early traction in AI initiatives.
Execution discipline, selective client focus, and rising AI investments indicate structural improvement in profitability and positioning, even as telecom softness and European weakness persist.
The turnaround is taking hold gradually. With a stronger operating base, Tech Mahindra is better placed for steady growth and sustainable margin expansion heading into FY27.


Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

Nota IPO Bookbuilding Analysis

Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.

Douglas Kim

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

Nota IPO Bookbuilding Analysis

Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.

Douglas Kim

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

​MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

​Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Patrick Liao

Tech Mahindra Q2 Result: Stabilizing Core, Positioning for AI-Led Growth

​Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...

Sudarshan Bhandari

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Tech Mahindra sees revenue growth and margin expansion in Q2FY26, driven by Project Fortius, deal wins, and AI initiatives, positioning for steady...