APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

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<li>
<a href="https://www.smartkarma.com/entities/carsales-com-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">Carsales.Com Ltd (CAR AU)</a> aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. </li>
<li>The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. 
The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

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.

<ul><li>eBay delivered a solid set of results in the last quarter despite ongoing macro uncertainty and managed an all-around beat.</li><li>In the previous quarter, eBay acquired myFitment and in this quarter, it started making the technology of myFitment accessible to all buyers beginning with the pilot group of P&A sellers.</li><li>During the quarter, eBay scaled up several live events with select sellers.</li></ul>

eBay delivered a solid set of results in the last quarter despite ongoing macro uncertainty and managed an all-around beat.In the previous quarter, eBay acquired myFitment and in this quarter, it started making the technology of myFitment accessible to all buyers beginning with the pilot group of P&A sellers.During the quarter, eBay scaled up several live events with select sellers.

Crypto in Sports, Sporting Crypto

Sporting Crypto

Crypto in Sports

Breaking down the intersection between Sports and Crypto

Intersection Between Sports and Crypto

Equity Bottom-Up

<ul><li>In May 2022, I wrote about ebay, and how they were ‘skating to where the puck is going’ after they announced an exclusive deal to sell Ice Hockey legend Wayne Gretzky NFTs, at the time.</li><li>We haven’t seen much of (2) from Ebay so far, but it looks like they’re trying to push hard on the natively digital front.</li><li>One of the things that I also wrote about was how important a place Ebay became for the reselling of physical collectables during the Covid pandemic.</li></ul>

In May 2022, I wrote about ebay, and how they were ‘skating to where the puck is going’ after they announced an exclusive deal to sell Ice Hockey legend Wayne Gretzky NFTs, at the time.We haven’t seen much of (2) from Ebay so far, but it looks like they’re trying to push hard on the natively digital front.One of the things that I also wrote about was how important a place Ebay became for the reselling of physical collectables during the Covid pandemic.

eBay to Connect Fans With Athletes Using Sports NFTs

<ul><li>eBay had a solid third quarter and delivered an all-around beat.</li><li>The company also completed the tech-led re-imagination in the quarter and met its short-term commitments.</li><li>Additionally, eBay is attempting to improve the standard and volume of the supply of components and accessories.</li></ul>

eBay had a solid third quarter and delivered an all-around beat.The company also completed the tech-led re-imagination in the quarter and met its short-term commitments.Additionally, eBay is attempting to improve the standard and volume of the supply of components and accessories.

eBay Inc: Acquisition of TCGplayer & Other Drivers

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.

Global Digital Niaga Tbk PT / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/blibli-vs-tokopedia-vs-bukalapak-vs-lazada-vs-shopee" target="_blank" data-smartkarma-citation="insights:82473" rel="noopener">Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:82555" rel="noopener">Blibli IPO: Valuation Insights</a>.   </li>
<li>Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. </li>
</ul>



Blibli (1437710D IJ) priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.
We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case, Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee, Blibli IPO: Valuation Insights.   
Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. 


United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at...

Ethan Aw

eBay Inc.: Major Drivers

eBay delivered a solid set of results in the last quarter despite ongoing macro uncertainty and managed an all-around beat. In the previous...

Baptista Research

eBay to Connect Fans With Athletes Using Sports NFTs

In May 2022, I wrote about ebay, and how they were ‘skating to where the puck is going’ after they announced an exclusive deal to sell Ice Hockey...

Sporting Crypto

eBay Inc: Acquisition of TCGplayer & Other Drivers

eBay had a solid third quarter and delivered an all-around beat. The company also completed the tech-led re-imagination in the quarter and met its...

Baptista Research

Blibli IPO: Trading Debut

The shares will start trading on 8 November. Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian...

Arun George

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