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/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Meta faces $1.4 billion Texas biometric lawsuit settlement and a €1.2 billion GDPR fine for data transfers, alongside an FTC antitrust challenge targeting Instagram and WhatsApp acquisitions.</li>
<li>Apple’s $26 billion annual deal with Google is under DOJ investigation for antitrust violations, while its App Store commission model faces increasing scrutiny, threatening a key revenue source.</li>
<li>Google, holding 90% of the search market, is battling DOJ lawsuits targeting its advertising dominance, risking forced divestitures that could severely impact its $224 billion annual ad revenue.</li>
</ul>


Meta faces $1.4 billion Texas biometric lawsuit settlement and a €1.2 billion GDPR fine for data transfers, alongside an FTC antitrust challenge targeting Instagram and WhatsApp acquisitions.
Apple’s $26 billion annual deal with Google is under DOJ investigation for antitrust violations, while its App Store commission model faces increasing scrutiny, threatening a key revenue source.
Google, holding 90% of the search market, is battling DOJ lawsuits targeting its advertising dominance, risking forced divestitures that could severely impact its $224 billion annual ad revenue.


Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

<ul>
<li>Meta’s ongoing compliance with the DSA has escalated expenses, requiring a dedicated team of over 1,000 and an annual content moderation budget exceeding $5 billion. </li>
<li>The DSA imposes restrictions on targeted advertising, crucial to Google’s revenue, necessitating shifts toward less invasive methods, increasing operational complexity and long-term financial risk. </li>
<li>Compliance with the DSA and DMA could undermine Apple’s closed ecosystem, forcing it to allow third-party app stores, jeopardizing its revenue from App Store commissions.</li>
</ul>


Meta’s ongoing compliance with the DSA has escalated expenses, requiring a dedicated team of over 1,000 and an annual content moderation budget exceeding $5 billion. 
The DSA imposes restrictions on targeted advertising, crucial to Google’s revenue, necessitating shifts toward less invasive methods, increasing operational complexity and long-term financial risk. 
Compliance with the DSA and DMA could undermine Apple’s closed ecosystem, forcing it to allow third-party app stores, jeopardizing its revenue from App Store commissions.


The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

<ul>
<li>Revenue Impact: Google’s ad segment may see a 5-10% drop due to stricter user data protections, reducing personalized advertising reach. </li>
<li>App Store Revenue Loss: Mandated alternative payment systems threaten Google Play and Apple’s app store revenue streams, cutting commissions. </li>
<li>Operational Costs: Non-compliance fines of up to 20% of annual revenue and the added costs for compliance systems intensify financial pressure.</li>
</ul>


Revenue Impact: Google’s ad segment may see a 5-10% drop due to stricter user data protections, reducing personalized advertising reach. 
App Store Revenue Loss: Mandated alternative payment systems threaten Google Play and Apple’s app store revenue streams, cutting commissions. 
Operational Costs: Non-compliance fines of up to 20% of annual revenue and the added costs for compliance systems intensify financial pressure.


Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>The FOMC cut its Fed Funds rate by 50bp, acknowledging that enough progress has occurred toward reaching the 2% target for core PCE inflation, while the labor market has cooled.</li>
<li>We were right on inflation and direction of rates since 2021 (so have differed with the Fed). Now, we agree that two more 25bp rate cuts will occur in 2024. </li>
<li>Core PCE inflation will be slow to moderate further, so allowing only another 50bp of cuts by end-2024. The FF rate should end 2025 at 3.5%, as RGDP grows 2.5%. </li>
</ul>


The FOMC cut its Fed Funds rate by 50bp, acknowledging that enough progress has occurred toward reaching the 2% target for core PCE inflation, while the labor market has cooled.
We were right on inflation and direction of rates since 2021 (so have differed with the Fed). Now, we agree that two more 25bp rate cuts will occur in 2024. 
Core PCE inflation will be slow to moderate further, so allowing only another 50bp of cuts by end-2024. The FF rate should end 2025 at 3.5%, as RGDP grows 2.5%. 


US: FOMC's 50bp Cut Should Avert Recession But Keep Inflation Elevated

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

Apple, Meta, and Google are navigating heightened regulatory pressure, facing massive fines, antitrust lawsuits, and forced changes to their...

Mint Finance

The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

The DSA mandates major tech firms like Meta, Google, and Apple to adopt new transparency, data privacy, and content moderation practices,...

Mint Finance

Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

The EU's Digital Markets Act targets monopolistic behaviors, prompting major changes from Google, Meta, and Apple, as they navigate compliance,...

Mint Finance

US: FOMC's 50bp Cut Should Avert Recession But Keep Inflation Elevated

FOMC cuts rates by 50bp, predicts two more 25bp cuts in 2024 due to progress on inflation but cooling labor market. We expect FF rate to end 2025...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

Apple, Meta, and Google are navigating heightened regulatory pressure, facing massive fines, antitrust lawsuits, and forced changes to their...

Mint Finance

The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

The DSA mandates major tech firms like Meta, Google, and Apple to adopt new transparency, data privacy, and content moderation practices,...

Mint Finance

Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

The EU's Digital Markets Act targets monopolistic behaviors, prompting major changes from Google, Meta, and Apple, as they navigate compliance,...

Mint Finance

US: FOMC's 50bp Cut Should Avert Recession But Keep Inflation Elevated

​FOMC cuts rates by 50bp, predicts two more 25bp cuts in 2024 due to progress on inflation but cooling labor market. We expect FF rate to end 2025...

Prasenjit K. Basu

FOMC cuts rates by 50bp, predicts two more 25bp cuts in 2024 due to progress on inflation but cooling labor market. We expect FF rate to end 2025...