European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>All regulatory approvals secured; Deliveroo’s 180p/share takeover by DoorDash now awaits only procedural court steps. Sanction hearing is scheduled for 30 September; scheme effective date is 2 October.</li>
<li>With a 1p spread and 179p entry, the deal offers ~8.9% annualised return by early October. Early entrants at 170.8p continue to realise strong IRRs above 12%.</li>
<li>Risk is minimal with near-unanimous shareholder backing and no regulatory obstacles remaining. Administrative timing is the only variable; monitoring court scheduling and filing is key to arbitrage efficiency.</li>
</ul>


All regulatory approvals secured; Deliveroo’s 180p/share takeover by DoorDash now awaits only procedural court steps. Sanction hearing is scheduled for 30 September; scheme effective date is 2 October.
With a 1p spread and 179p entry, the deal offers ~8.9% annualised return by early October. Early entrants at 170.8p continue to realise strong IRRs above 12%.
Risk is minimal with near-unanimous shareholder backing and no regulatory obstacles remaining. Administrative timing is the only variable; monitoring court scheduling and filing is key to arbitrage efficiency.


Deliveroo Delivered: Clean Takeout, No Leftovers

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>DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges it faces.</li><li>Key highlights positively impacting DoorDash's performance include the accelerated growth in its U.S. marketplace orders.</li><li>This growth is attributed to improvements in product offerings, enhanced personalization, and the increased adoption of DashPass.</li></ul>

DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges it faces.Key highlights positively impacting DoorDash's performance include the accelerated growth in its U.S. marketplace orders.This growth is attributed to improvements in product offerings, enhanced personalization, and the increased adoption of DashPass.

DoorDash Expands Beyond Restaurants–Could Retail & Non-Food Be Its Next Big Growth Engine?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>, <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a>, and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for addition from TMI at the September 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition from MidCap at the September 2025 review.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.

Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.

Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.


S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

<ul><li>DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.</li><li>The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.</li><li>In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.</li></ul>

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and challenges.The first quarter of 2025 demonstrated significant growth and ongoing investment in expanding its global footprint through strategic acquisitions.In terms of financial performance, DoorDash saw a continuation of growth trends, with consistent gains in gross order volume (GOV) and earnings before interest, taxes, depreciation, and amortization (EBITDA), underscoring operational efficiency.

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the lockup dynamics and possible placement.


Swiggy IPO Lockup - US$7.9bn Lockup Release

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

Deliveroo Delivered: Clean Takeout, No Leftovers

Deliveroo’s 180p takeover by DoorDash is fully approved, with settlement expected 2 Oct. At 179p, the spread offers a clean ~9% annualised return...

Jesus Rodriguez Aguilar

DoorDash Expands Beyond Restaurants–Could Retail & Non-Food Be Its Next Big Growth Engine?

DoorDash's latest earnings for Q2 2025 presents a comprehensive view of the company's current performance, strategic focuses, and the challenges...

Baptista Research

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

DoorDash Inc.: How Autonomous Delivery Initiatives Could Potentially Redefine Logistics Within The Food Delivery & Broader E-Commerce Sectors!

DoorDash's latest earnings revealed a nuanced overview of its financial performance and strategic direction, highlighting a mix of strengths and...

Baptista Research

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

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