Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>The food-delivery company <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  initiated the stock buyback program and will purchase up to <strong>£75M</strong> worth of shares to reassure investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  </li>
</ul>


The food-delivery company Deliveroo (ROO LN)  initiated the stock buyback program and will purchase up to £75M worth of shares to reassure investors. 

Deliveroo (ROO LN)  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. 

Deliveroo (ROO LN)  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  


Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Deliveroo's recent share buyback and exit from Netherlands are not enough to offset people in the UK and Ireland trying to go back to their previous way of lives.</li>
<li>On 10 August, Deliveroo (ROO LN) announced a share buyback program worth £75 million ($90.6 million) share buyback program, which represents 4.6% of its current market cap. </li>
<li>Cost of living increases and millions of European consumers eating out at restaurants rather than ordering food are causing further negative impact on Deliveroo's business. </li>
</ul>


Deliveroo's recent share buyback and exit from Netherlands are not enough to offset people in the UK and Ireland trying to go back to their previous way of lives.
On 10 August, Deliveroo (ROO LN) announced a share buyback program worth £75 million ($90.6 million) share buyback program, which represents 4.6% of its current market cap. 
Cost of living increases and millions of European consumers eating out at restaurants rather than ordering food are causing further negative impact on Deliveroo's business. 


Deliveroo: Share Buyback & Exit from Netherlands Not Enough to Offset Lack of COVID Restrictions

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>Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.</li>
<li>Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.
Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

United Kingdom

Deliveroo is a British online food delivery company that connects consumers with local restaurants, grocery stores, and retailers through its online platform and mobile app. The company offers on-demand delivery services, including restaurant meals, groceries, and retail products, and operates a subscription program called Deliveroo Plus. Deliveroo also utilizes 'dark kitchens' (Deliveroo Editions) for delivery-only meals and provides data insights to partner businesses to optimize their offerings. Headquartered in London, United Kingdom, Deliveroo was founded in 2013.

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Deliveroo (ROO LN)

Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Deliveroo is down ~77% from the IPO price, and we think the stock buyback program will reassure investors, keep in mind a solid balance sheet and...

Andrei Zakharov

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

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Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Deliveroo is down ~77% from the IPO price, and we think the stock buyback program will reassure investors, keep in mind a solid balance sheet and...

Andrei Zakharov

Deliveroo: Share Buyback & Exit from Netherlands Not Enough to Offset Lack of COVID Restrictions

Cost of living increases and millions of European consumers eating out at restaurants rather than ordering food are causing further negative impact...

Douglas Kim

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George