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>EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.</li><li>Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.</li><li>For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.</li></ul>

EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal shift in its operational and strategic trajectory.Building on a previous September deal where EchoStar committed to transferring AWS-4 and H-block licenses to SpaceX for up to $17 billion (half cash, half stock), this new AWS-3 transaction strengthens both firms’ long-term ambitions.For EchoStar, this move not only unlocks immediate financial runway and positions it to operate more flexibly but also furthers its transformation from a spectrum-heavy, capital-intensive business into a leaner, investment-focused entity.

EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?

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/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.


Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.


Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.


Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.


Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

United States

EchoStar Corporation manufactures broadcast satellite receivers and antennas, and offers commercial satellite services.

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Echostar Corp A (SATS US)

EchoStar Offloads Spectrum to SpaceX—Is This the End of Its Wireless Ambitions?

EchoStar’s recently amended agreement to sell its unpaired AWS-3 spectrum licenses to SpaceX for $2.6 billion in SpaceX stock represents a pivotal...

Baptista Research

Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO. In this note, we talk...

Sumeet Singh

Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note we talk about the pricing and...

Sumeet Singh

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

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