Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. </li>
<li>Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares in 2H22. Strong insider buying indicates the stock could hit bottom. </li>
<li>We estimate <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.</li>
</ul>



Freshworks (FRSH US)  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. 
Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US)  shares in 2H22. Strong insider buying indicates the stock could hit bottom. 
We estimate Freshworks (FRSH US)  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.


Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

Tianju Dihe Technology / Equity Capital Markets

<ul>
<li>Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.</li>
<li>The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  </li>
<li>Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.</li>
</ul>


Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.
The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  
Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.


Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

<p><a href="https://www.smartkarma.com/entities/forgerock-inc" target="_blank" data-smartkarma-citation="entities:34093:1" rel="noopener">ForgeRock (FORG US)</a> , global identity leader and next-gen cloud identity unicorn, filed for a $100 million IPO. It didn’t specify expected price range and how many shares of Class A common stock it would offer. ForgeRock has applied to list its shares on the NYSE under the trading symbol “FORG”. Morgan Stanley and J.P. Morgan are leading the IPO.</p>

ForgeRock (FORG US) , global identity leader and next-gen cloud identity unicorn, filed for a $100 million IPO. It didn’t specify expected price range and how many shares of Class A common stock it would offer. ForgeRock has applied to list its shares on the NYSE under the trading symbol “FORG”. Morgan Stanley and J.P. Morgan are leading the IPO.

ForgeRock IPO Preview and Valuation Analysis

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action (often the best way to learn is to just dive right in!). Firstly, Visa (V) bought one of the 10,000 CryptoPunk NFTs for $150k in ethereum.</p>

Headline Developments This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action (often the best way to learn is to just dive right in!). Firstly, Visa (V) bought one of the 10,000 CryptoPunk NFTs for $150k in ethereum.

United States

ForgeRock Inc operates as a maker of identity-verification software. The Company provides platform that includes a full suite of identity management and governance, access management, and AI-powered autonomous identity capabilities. ForgeRock serves customers globally.

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

ForgeRock (FORG US)

Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Strong insider buying and a recent buyout of Zendesk may indicate a bottom for Freshworks shares as valuations have improved. Freshworks...

Andrei Zakharov

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

Tianju Dihe Technology, a founder-led API services provider, is expected to price its IPO next week and I see a limited room for multiple expansion

Andrei Zakharov

ForgeRock IPO Preview and Valuation Analysis

ForgeRock is expected to IPO in September what makes it first digital identity leader scheduled to go public this year after successful IPOs of...

Andrei Zakharov

Weekly Innovation Review (WIRE) #46

Headline Developments: This week’s headline developments is a bit of an NFT special, with some very reputable brands getting in on the action...

Granite Bay Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)