APAC IPOs & Placements

Zhen Zhou, Toh

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

Cloopen Group Holding Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> raised about US$320m at US$16 per ADS, which is above the initial price range.</p>
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<p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.</p>
<p>In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.</p>
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<p>Our previous coverage:</p>
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<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-forecast-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:47651" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-investments-in-cloopen-pax-global-hi-sun-tech-market-cap" target="_blank" data-smartkarma-citation="insights:47655" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap</a> </li>
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<a href="https://www.smartkarma.com/insights/cloopen-ipo-hi-sun-tech-angle-gets-more-attractive" target="_blank" data-smartkarma-citation="insights:47785" rel="noopener">Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive</a> </li>
</ul>
</div>

Cloopen Group Holding Ltd (RAAS US) raised about US$320m at US$16 per ADS, which is above the initial price range.

Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.
In this note, we will look at the deal dynamics and provide a table with implied valuation at different share price levels.


Our previous coverage:




Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap 

Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive 



Cloopen (容联.云通讯) IPO Trading - Set for a Strong Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p><strong>Our base case valuation of Cloopen Group Holdings is EV of $3.0 billion and implied market cap of $3.3 billion. This represents implied price per share of $22.2 per share, representing 48% higher than the high end of the IPO price range of $15 per share. Given the solid upside, we have a positive view of the Cloopen Group Holdings IPO. </strong></p><p>For the comparable companies analysis of Cloopen Group Holdings, we used five companies including <a href="https://www.smartkarma.com/entities/kingsoft-cloud" target="_blank" data-smartkarma-citation="entities:28835:1" rel="noopener">Kingsoft Cloud (KC US)</a>, <a href="https://www.smartkarma.com/entities/agora-inc" target="_blank" data-smartkarma-citation="entities:29037:1" rel="noopener">Agora Inc. (API US)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>, and <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28432:1" rel="noopener">OneConnect Financial Technology (OCFT US)</a>. </p>

Our base case valuation of Cloopen Group Holdings is EV of $3.0 billion and implied market cap of $3.3 billion. This represents implied price per share of $22.2 per share, representing 48% higher than the high end of the IPO price range of $15 per share. Given the solid upside, we have a positive view of the Cloopen Group Holdings IPO. For the comparable companies analysis of Cloopen Group Holdings, we used five companies including Kingsoft Cloud (KC US), Agora Inc. (API US), 21Vianet Group (VNET US), GDS Holdings (ADR) (GDS US), and OneConnect Financial Technology (OCFT US). 

Cloopen Group Holdings IPO Valuation Analysis

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<div><p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> is the largest multi-capability cloud-based communications solution provider in China, as measured by revenues in 2019, according to CIC. Cloopen has launched its IPO at a price range of $13-15 per ADS. At the mid-point of the IPO price range, Cloopen will raise net proceeds of $258.4 million. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/cloopen-group-ipo-initiation-busy-signals" target="_blank" data-smartkarma-citation="insights:47285" rel="noopener">Cloopen Group IPO Initiation: Busy Signals</a> we noted that the IPO pitch is muddied by the temporary impact of the COVID-19 outbreak which negatively influenced growth rates and the cash burn. While the fundamentals are not perfect, Cloopen offers enough to warrant a closer look. Overall, our valuation analysis suggests that the IPO price range is attractive.</p></div></div></div>

Cloopen Group Holding Ltd (RAAS US) is the largest multi-capability cloud-based communications solution provider in China, as measured by revenues in 2019, according to CIC. Cloopen has launched its IPO at a price range of $13-15 per ADS. At the mid-point of the IPO price range, Cloopen will raise net proceeds of $258.4 million. In Cloopen Group IPO Initiation: Busy Signals we noted that the IPO pitch is muddied by the temporary impact of the COVID-19 outbreak which negatively influenced growth rates and the cash burn. While the fundamentals are not perfect, Cloopen offers enough to warrant a closer look. Overall, our valuation analysis suggests that the IPO price range is attractive.

<p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> is looking to raise up to US$300m in its US IPO. </p><p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.</p><div><p>Our previous coverage:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-forecast-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:47651" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-investments-in-cloopen-pax-global-hi-sun-tech-market-cap" target="_blank" data-smartkarma-citation="insights:47655" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap</a> </li>
</ul></div>

Cloopen Group Holding Ltd (RAAS US) is looking to raise up to US$300m in its US IPO. Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based UC&amp;C  solutions to customers.Our previous coverage:

Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation 

Cloopen (容联.云通讯) Pre-IPO - Investments in Cloopen + Pax Global &gt; Hi Sun Tech Market Cap 


Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive

<p><a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a> is looking to raise about US$500m in its upcoming US IPO. </p><p>Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based unified communications and collaboration (UC&amp;C) solutions to customers.</p><p>In this note, we will discuss our forecasts and assumptions and share our thoughts on valuation.</p><p>Our previous coverage:</p><ul>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-thematically-favorable-but-not-showing-results-for-now" target="_blank" data-smartkarma-citation="insights:47520" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/cloopen-pre-ipo-peer-comparison-and-thoughts" target="_blank" data-smartkarma-citation="insights:47608" rel="noopener">Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts</a> </li>
</ul>

Cloopen Group Holding Ltd (RAAS US) is looking to raise about US$500m in its upcoming US IPO. Cloopen is a multi-capability cloud-based communications solution provider in China. The company offers communications platform as a services (CPaaS), cloud-based contact center (CC), cloud-based unified communications and collaboration (UC&amp;C) solutions to customers.In this note, we will discuss our forecasts and assumptions and share our thoughts on valuation.Our previous coverage:

Cloopen (容联.云通讯) Pre-IPO - Thematically Favorable but Not Showing Results for Now 

Cloopen (容联.云通讯) Pre-IPO - Peer Comparison and Thoughts 


Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation

China

Agora, Inc. provides communication software solutions. The Company offers video, voice, and live interactive streaming platform to interact and engage with others online. Agora serves customers worldwide.

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Agora Inc. (API US)

Cloopen (容联.云通讯) IPO Trading - Set for a Strong Debut

Cloopen is a multi-capability cloud-based communications solution provider in China. In this note, we will look at the deal dynamics and provide a...

Zhen Zhou, Toh

Cloopen Group Holdings IPO Valuation Analysis

Our base case valuation of Cloopen Group Holdings is an implied price per share of $22.2 per share, representing 48% higher than the high end of...

Douglas Kim

Cloopen Group IPO: Valuation Insights

Cloopen has launched its IPO to raise net proceeds of $258.4m at the mid-point of the IPO price range of $13-15 per ADS. Our valuation analysis...

Arun George

Cloopen (容联.云通讯) IPO - Hi Sun Tech Angle Gets More Attractive

Cloopen Group Holding Ltd (RAAS US) is looking to raise up to US$300m in its US IPO. The company set terms to raise up to US$300m and will debut on...

Zhen Zhou, Toh

Cloopen (容联.云通讯) Pre-IPO - Forecast, Assumptions, and Valuation

Cloopen Group Holding Ltd (RAAS US) is looking to raise about US$500m in its upcoming US IPO. In this note, we will discuss our forecasts and...

Zhen Zhou, Toh

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