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.

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a> at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.</li>
<li>The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.</li>
</ul>



Smartpay Holdings (SPY NZ) has entered a scheme implementation deed with Shift4 Payments (FOUR US) at NZ$1.20 (A$1.12), a 19.4% premium to the last close price of NZ$1.005.
The scheme is subject to shareholder and OIO approval. In the absence of a competing proposal, the offer is the best and final offer.   
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.


Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.</li>
<li>The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. </li>
<li>According to our sources, the Chime order book is considered multiple-times oversubscribed.</li>
</ul>


The hold-up is based upon how Chime should be valued -- either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024. 
According to our sources, the Chime order book is considered multiple-times oversubscribed.


Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.</li>
<li>Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.</li>
<li>AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.</li>
</ul>


AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.
Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.
AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.


Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

Fidelity National Info Serv / Equity Bottom-Up

<ul>
<li>FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.</li>
<li>During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.</li>
<li>FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.</li>
</ul>


FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.


Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Block (XYZ 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

Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.

Arun George

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Smartpay (SPY NZ/SMP AU): Shift4’s Binding Proposal at NZ$1.20

Microequities has provided an irrevocable, and the other substantial shareholders should be supportive as the offer is attractive.

Arun George

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

​Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

IPO Boutique

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

​AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

​FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

Chime's valuation debate hinges on whether it should be seen as a fintech star or a traditional financial services company, with strong growth and...

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...