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/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> a leading taxi app in Japan, raised around US$550m via a secondary selldown in its Japan IPO.</li>
<li>GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.</li>
</ul>



GO (581A JP) a leading taxi app in Japan, raised around US$550m via a secondary selldown in its Japan IPO.
GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.


Aequitas: GO Inc IPO Trading - Strong Demand but Its Not Cheap

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> has set the IPO pricing at ¥2,350-2,400 per share, the secondary shareholders will raise ¥550m at a market cap and valuation of ¥184.4bn and ¥154bn respectively.</li>
<li>The company is the dominant player in the Japanese ride-hailing market which is underpenetrated. GO has seen strong revenue growth, improved profitability and strong cash flows.</li>
<li>We have compared the company against Uber, Lyft, Grab and GoTo and our analysis  suggests that the IPO is not very cheap.</li>
</ul>



GO (581A JP) has set the IPO pricing at ¥2,350-2,400 per share, the secondary shareholders will raise ¥550m at a market cap and valuation of ¥184.4bn and ¥154bn respectively.
The company is the dominant player in the Japanese ride-hailing market which is underpenetrated. GO has seen strong revenue growth, improved profitability and strong cash flows.
We have compared the company against Uber, Lyft, Grab and GoTo and our analysis  suggests that the IPO is not very cheap.


Go Inc. IPO: Peer Comparison and Valuation

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/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$546 million). Pricing is on 1 June, with listing on 16 June.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/go-581a-jp-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:238988" rel="noopener">GO (581A JP) IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and discuss valuation. My analysis suggests that GO is attractively valued at the IPO price relative to its peers' multiples.</li>
</ul>



GO (581A JP) is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$546 million). Pricing is on 1 June, with listing on 16 June.
I previously discussed the IPO in GO (581A JP) IPO: The Investment Case. 
In this note, I present my forecasts and discuss valuation. My analysis suggests that GO is attractively valued at the IPO price relative to its peers' multiples.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO</li>
<li>GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.</li>
</ul>



GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO
GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.


Aequitas: GO Inc IPO - Final Thoughts on Valuations - Domestically Dominant, but Not at a Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.</li>
<li>GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.
GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
We have looked at the company's past performance in our earlier notes. In this note, we talk about valuations.


Aequitas: GO Inc Pre-IPO - Thoughts on Valuations

Japan

GO Inc. develops software products. The Company provides taxi data platforms, taxi dispatch systems, and more. GO offers its services in Japan.

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GO (581A JP)

Aequitas: GO Inc IPO Trading - Strong Demand but Its Not Cheap

GO (581A JP) a leading taxi app in Japan, raised around US$550m via a secondary selldown in its Japan IPO. In this note, we talk about the deal...

Sumeet Singh

Go Inc. IPO: Peer Comparison and Valuation

GO Inc. has set the final IPO pricing at JPY2,400 per share. As we have discussed in this insight, we think the IPO valuation is not cheap and we...

Shifara Samsudeen, FCMA, CGMA

GO (581A JP) IPO: Valuation Insights

The IPO price range has been set at JPY2,350-2,400 compared to the reference price of JPY2,350. The domestic/international mix has changed from 34%...

Arun George

Aequitas: GO Inc IPO - Final Thoughts on Valuations - Domestically Dominant, but Not at a Discount

GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO. In this note, we talk about...

Sumeet Singh

Aequitas: GO Inc Pre-IPO - Thoughts on Valuations

GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO. In this note, we talk about...

Sumeet Singh

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52-week Range

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