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/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Equity Bottom-Up

<ul>
<li>2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of management guidance and street consensus.</li>
<li>The negative blip came from weaker-than-expected margins and a lowered FY26 guidance QoQ, largely attributed to FX headwinds and continued increased investment spending.</li>
<li>AvePoint continued a high clip of share buybacks, spending another ~USD50mn repurchasing shares in 2Q26, bringing 1H26 share repurchases to USD111mn.</li>
</ul>


2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of management guidance and street consensus.
The negative blip came from weaker-than-expected margins and a lowered FY26 guidance QoQ, largely attributed to FX headwinds and continued increased investment spending.
AvePoint continued a high clip of share buybacks, spending another ~USD50mn repurchasing shares in 2Q26, bringing 1H26 share repurchases to USD111mn.


AvePoint Inc: Midyear Update (17 August 2026)

Thematic (Sector/Industry)

<ul><li>The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.</li><li>This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.</li><li>We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.</li></ul>

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of the sector as competitive advantages are being reassessed.This year, the development of agentic AI has threatened various SaaS companies as the viability of their business models is put to the test.We find the risk is uneven. It is highest where customers pay for work AI can now do and where revenue scales with the number of people doing it.

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

<ul>
<li>AvePoint is a global data-management software company founded in 2001 and headquartered in Jersey City, New Jersey, listed on Nasdaq since July 2021 via SPAC merger and secondarily listed on SGX since September 2025.</li>
<li>Its AvePoint Confidence Platform consists of three interconnected suites (Control, Resilience, Modernization) that secures, governs, backs up and migrates unstructured data across Microsoft 365, Google, Salesforce, AWS and other cloud environments, sold as subscription SaaS directly and through ~6,000 channel partners.</li>
<li>A fourth suite (AgentPulse) is recently set up to help with agent governance. The company compounded Annual Recurring Revenue (ARR) at 27% CAGR for the past 4 years and reached GAAP profitability in FY25.</li>
</ul>


AvePoint is a global data-management software company founded in 2001 and headquartered in Jersey City, New Jersey, listed on Nasdaq since July 2021 via SPAC merger and secondarily listed on SGX since September 2025.
Its AvePoint Confidence Platform consists of three interconnected suites (Control, Resilience, Modernization) that secures, governs, backs up and migrates unstructured data across Microsoft 365, Google, Salesforce, AWS and other cloud environments, sold as subscription SaaS directly and through ~6,000 channel partners.
A fourth suite (AgentPulse) is recently set up to help with agent governance. The company compounded Annual Recurring Revenue (ARR) at 27% CAGR for the past 4 years and reached GAAP profitability in FY25.


Investment Management, 8VantEdge

8VantEdge

Investment Management

8VantEdge offers a hybrid fundamental stock picking combined with algorithmic rules based on human psychology.

<ul><li>Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming essential infrastructure rather than a supplementary feature.</li><li>Several factors are driving this transition from traditional software to scalable, AI-powered platforms.</li><li>Newly implemented wage escalations and rising foreign worker levies encourage domestic enterprises to offset structural labour costs by automating back-office functions.</li></ul>

Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming essential infrastructure rather than a supplementary feature.Several factors are driving this transition from traditional software to scalable, AI-powered platforms.Newly implemented wage escalations and rising foreign worker levies encourage domestic enterprises to offset structural labour costs by automating back-office functions.

The AI-SaaS Frontier: Enterprise Software Meets AI-Powered Workflow Automation

United States

AvePoint, Inc. operates as a software company. The Company develops SaaS solutions to migrate, manage, and protect data and IT infrastructure. AvePoint serves customers worldwide.

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AvePoint (AVPT US)

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

AvePoint Inc: Midyear Update (17 August 2026)

2Q headline beat: The 2Q26 results of AvePoint were largely positive with AvePoint’s ARR, revenue, and Non-GAAP operating income ahead of...

Swaen Capital

Sorting the Software Sector AI Exposure, Defensibility, and Where Singapore Sits

The rapid development of AI technology over the past few years has posed a direct threat to the software sector, leading to a broad derating of...

Swaen Capital

AvePoint: Data Confidence in the AI Era

ARR growth re-accelerated out of FY22’s software downcycle. 12 straight quarters of double-digit organic net-new ARR growth.

Swaen Capital

The AI-SaaS Frontier: Enterprise Software Meets AI-Powered Workflow Automation

Singapore’s software-as-a-service (SaaS) sector is undergoing a significant transition with artificial intelligence (AI) increasingly becoming...

8VantEdge

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