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

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the recent updates from its filings.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the recent updates from its filings.


Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

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>Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.</li><li>The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.</li><li>The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.</li></ul>

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading electric vehicle manufacturer.The company, under the leadership of CEO Peter Rawlinson, continues to make significant strides in technology and production capabilities.The financial results from the second quarter showed promise with a significant increase in vehicle deliveries, marking a 70.5% year-on-year increase with 2,394 vehicles delivered.

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

<ul><li>Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.</li><li>On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.</li><li>This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.</li></ul>

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV) market footprint while managing production efficiency and scaling operations.On the bright side, Lucid Group reported better-than-expected production and delivery figures during the quarter, with a 39.9% year-over-year increase in deliveries, totaling 1,967 Lucid Air models.This performance marks Lucid's best quarter to date for deliveries, reflecting a robust demand trajectory for its premium EV offerings.

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has launched an IPO to raise up to US$368 million.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-latest-updates-as-the-ipo-process-restarts" target="_blank" data-smartkarma-citation="insights:136469" rel="noopener">ZEEKR IPO: Latest Updates as the IPO Process Restarts</a>. </li>
<li>The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has launched an IPO to raise up to US$368 million.  
We previously discussed the IPO in ZEEKR IPO: The Bull Case, ZEEKR IPO: The Bear Case and ZEEKR IPO: Latest Updates as the IPO Process Restarts. 
The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. 


United States

Lucid Group Inc. operates as an automotive company. The Company manufactures luxury electric cars, as well as provides energy storage and original equipment solutions. Lucid Group serves customers in the United States and Canada.

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Lucid Group (LCID US)

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Lucid Group Inc.: Expansion into Energy Storage Systems But Can It Help Them Break Even Sooner? - Major Drivers

Lucid Group reported its second quarter earnings for 2024, showcasing both strengths and challenges in its journey toward becoming a leading...

Baptista Research

Lucid Group: How Are They Carrying Out The Expansion of Product Lineup and Addressable Market? - Major Drivers

Lucid Group's Q1 2024 financial update presents a company in the thick of navigating the complexities of expanding the electric vehicle (EV)...

Baptista Research

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

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