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/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>Intuit's first-quarter results for fiscal 2025 indicate a strong start to the year, marked by a 10% revenue growth and a solid performance from its Global Business Solutions Group, with Online Ecosystem revenue climbing 20%.</li><li>The company maintains optimism about its capability to achieve double-digit revenue growth and margin expansion over the fiscal year.</li><li>Intuit underscores its status as a leading player in the AI-driven financial service sector, leveraging its expansive data capabilities to enhance customer experiences and disrupt established tax and accounting services categories.</li></ul>

Intuit's first-quarter results for fiscal 2025 indicate a strong start to the year, marked by a 10% revenue growth and a solid performance from its Global Business Solutions Group, with Online Ecosystem revenue climbing 20%.The company maintains optimism about its capability to achieve double-digit revenue growth and margin expansion over the fiscal year.Intuit underscores its status as a leading player in the AI-driven financial service sector, leveraging its expansive data capabilities to enhance customer experiences and disrupt established tax and accounting services categories.

Intuit Inc.: Early Marketing Strategy & Tax Innovations As A Pivotal Factor Driving Growth! - Major Drivers

<ul><li>Intuit Inc. delivered strong financial results for the fourth quarter and full fiscal year 2024, highlighting the success of its strategic initiatives, particularly its AI-driven expert platform.</li><li>This strategy is at the core of Intuit's operations and future growth, focusing on providing AI-enhanced solutions that make financial management more streamlined and efficient for both consumers and businesses.</li><li>Intuit reported a 13% revenue growth for fiscal year 2024, with the fourth quarter alone seeing a 17% increase.</li></ul>

Intuit Inc. delivered strong financial results for the fourth quarter and full fiscal year 2024, highlighting the success of its strategic initiatives, particularly its AI-driven expert platform.This strategy is at the core of Intuit's operations and future growth, focusing on providing AI-enhanced solutions that make financial management more streamlined and efficient for both consumers and businesses.Intuit reported a 13% revenue growth for fiscal year 2024, with the fourth quarter alone seeing a 17% increase.

Intuit Inc.: Its Mid-Market Expansion & AI Investments Drive Our Optimism! - Major Drivers

<ul><li>Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for consumers and small businesses.</li><li>The company achieved a 12% growth in revenue with the Small Businesses and Self-Employed Group portion growing 18% despite a volatile environment, indicating the strategic value of their services.</li><li>On the other hand, Consumer Group and Credit Karma exhibited growth rates of 9% and 8%, respectively, driven by product innovation and platform integration benefits.</li></ul>

Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for consumers and small businesses.The company achieved a 12% growth in revenue with the Small Businesses and Self-Employed Group portion growing 18% despite a volatile environment, indicating the strategic value of their services.On the other hand, Consumer Group and Credit Karma exhibited growth rates of 9% and 8%, respectively, driven by product innovation and platform integration benefits.

Intuit Inc.: Will Its Investment in Core Money Movement and Risk Management Capabilities Bear Fruit? - Major Drivers

<ul><li>Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.</li><li>Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.</li><li>As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.</li></ul>

Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.Reinforcing the company's commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.As for Intuit's tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.

Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts

United States

Intuit Inc. develops and markets business and financial management software solutions for small and medium sized businesses, financial institutions, consumers, and accounting professionals  The Company provides software for small business management and payroll processing, personal finance, and tax preparation and filing.

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Intuit Inc (INTU US)

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

Intuit Inc.: Early Marketing Strategy & Tax Innovations As A Pivotal Factor Driving Growth! - Major Drivers

Intuit's first-quarter results for fiscal 2025 indicate a strong start to the year, marked by a 10% revenue growth and a solid performance from...

Baptista Research

Intuit Inc.: Its Mid-Market Expansion & AI Investments Drive Our Optimism! - Major Drivers

Intuit Inc. delivered strong financial results for the fourth quarter and full fiscal year 2024, highlighting the success of its strategic...

Baptista Research

Intuit Inc.: Will Its Investment in Core Money Movement and Risk Management Capabilities Bear Fruit? - Major Drivers

Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for...

Baptista Research

Intuit Inc.: How Significant Are Their Advancements In Artificial Intelligence Capabilities? - Financial Forecasts

Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year...

Baptista Research

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