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/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

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>Adobe Inc. delivered an all-around beat in the fourth quarter.</li><li>The success can be attributed to pioneering innovations in Creative Cloud and Document businesses, positioning Creative Cloud as the preferred platform for content creation globally.</li><li>Creative Cloud had a stellar quarter, generating a significant $3 billion in revenue.</li></ul>

Adobe Inc. delivered an all-around beat in the fourth quarter.The success can be attributed to pioneering innovations in Creative Cloud and Document businesses, positioning Creative Cloud as the preferred platform for content creation globally.Creative Cloud had a stellar quarter, generating a significant $3 billion in revenue.

Adobe Inc.: The Creative Cloud Revolution Helping Them Lead The Way! - Major Drivers

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

Cross Asset Strategy

<ul>
<li>The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.</li>
<li>Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.</li>
<li>The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.</li>
</ul>


The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.
Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.
The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.


FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. </li>
<li>Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. </li>
<li>Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. </li>
</ul>


Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 


Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

<ul><li>Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>In the third quarter, Adobe accomplished remarkable feats in Digital Media.</li><li>Acrobat and PDF solutions thrive as indispensable tools for professionals and personal users in the Document Cloud business.</li></ul>

Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.In the third quarter, Adobe accomplished remarkable feats in Digital Media.Acrobat and PDF solutions thrive as indispensable tools for professionals and personal users in the Document Cloud business.

Adobe Inc.: New AI Investments That Are About To Change Everything! - Major Drivers

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Adobe Inc.: The Creative Cloud Revolution Helping Them Lead The Way! - Major Drivers

Adobe Inc. delivered an all-around beat in the fourth quarter. The success can be attributed to pioneering innovations in Creative Cloud and...

Baptista Research

FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Clever business models are essential to outperform which includes astute M&A deals. With regulators getting trigger happy and equipped with shrewd...

Mint Finance

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

Braze shares could outperform its peers in 2023, and the company’s management sees signs of stabilization. I see shares as undervalued and would be...

Andrei Zakharov

Adobe Inc.: New AI Investments That Are About To Change Everything! - Major Drivers

Adobe Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. In the third quarter, Adobe accomplished remarkable...

Baptista Research

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