IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US),</a> Japan’s leading financial technology company, is seeking to raise about US$1.1 billion through a Nasdaq IPO.</li>
<li>I previously discussed the IPO in <em><strong><a href="https://www.smartkarma.com/insights/paypay-ipo-payp-us-the-investment-case" target="_blank" data-smartkarma-citation="insights:222670" rel="noopener">PayPay IPO (PAYP US): The Investment Case</a></strong></em>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive. The pricing date is 11 March.</li>
</ul>



PayPay (PAYP US), Japan’s leading financial technology company, is seeking to raise about US$1.1 billion through a Nasdaq IPO.
I previously discussed the IPO in PayPay IPO (PAYP US): The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive. The pricing date is 11 March.


PayPay IPO (PAYP US): Valuation Insights

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/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a>, a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
We looked at the past performance and valuations in our previous notes. in this note we talk about the trading dynamics.


Aequitas: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance and undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance and undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.


Aequitas: PayPay IPO - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance in our earlier note. In this note, we undertake a peer comparison.</li>
</ul>



PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance in our earlier note. In this note, we undertake a peer comparison.


Aequitas: PayPay Pre-IPO - Peer Comparison

South Korea

Kakao Pay Corp. operates financial businesses. The Company provides online payment, currency encryption, and other services. Kakao Pay conducts businesses in South Korea.

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Kakaopay (377300 KS)

PayPay IPO (PAYP US): Valuation Insights

PayPay has priced its IPO at US$16 per ADS, below the US$17.00 to US$20.00 range, to raise US$880m, presumably due to the market turmoil. However,...

Arun George

Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range. In this note, we...

Sumeet Singh

Aequitas: K Bank IPO Trading - Mediocre Demand but Peers Have Been Rallying

K Bank (279570 KS) raised around US$340m in its South Korean IPO, after pricing its offering at the low-end. In this note, we talk about the...

Sumeet Singh

Aequitas: PayPay IPO - Thoughts on Valuations

PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO. In this note, we...

Sumeet Singh

Aequitas: PayPay Pre-IPO - Peer Comparison

PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO. In this note,...

Sumeet Singh

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