APAC IPOs & Placements

Zhen Zhou, Toh

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

Smart Share Global / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/energy-monster" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price range. </p>
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<p>SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.</p>
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<p>In this note, we look at deal dynamics and provide an update on valuation.</p>
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<p>Our previous coverage of the IPO:</p>
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<ul style="list-style-type: disc;">
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-growing-fast-and-is-profitable-but-competition-is-picking-up" target="_blank" data-smartkarma-citation="insights:49349" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-rent-a-power-bank-on-the-ground" target="_blank" data-smartkarma-citation="insights:49438" rel="noopener">Smart Share Global (怪兽充电): Rent A Power Bank on the Ground</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-pulling-ahead-in-a-highly-competitive-landscape" target="_blank" data-smartkarma-citation="insights:49585" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-forecasts-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:49653" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-ipo-overcharged" target="_blank" data-smartkarma-citation="insights:49807" rel="noopener">Smart Share Global (怪兽充电) IPO - Overcharged</a> </li>
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Smart Share Global (EM US) (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price range. 


SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.


In this note, we look at deal dynamics and provide an update on valuation.


Our previous coverage of the IPO:




Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up 

Smart Share Global (怪兽充电): Rent A Power Bank on the Ground 

Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape 

Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation 

Smart Share Global (怪兽充电) IPO - Overcharged 



Smart Share Global (怪兽充电) IPO Trading - Cheaper Now but Still May Not Be Enough

<div><p><a href="https://www.smartkarma.com/entities/energy-monster" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.</p></div><div><p>SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.</p></div><div><p>In this note, we will share our forecast, assumptions, and thoughts on valuation. </p></div><div><p>Our previous coverage of the IPO:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-growing-fast-and-is-profitable-but-competition-is-picking-up" target="_blank" data-smartkarma-citation="insights:49349" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-rent-a-power-bank-on-the-ground" target="_blank" data-smartkarma-citation="insights:49438" rel="noopener">Smart Share Global (怪兽充电): Rent A Power Bank on the Ground</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-pulling-ahead-in-a-highly-competitive-landscape" target="_blank" data-smartkarma-citation="insights:49585" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape</a> </li>
</ul></div>

Smart Share Global (EM US) (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.In this note, we will share our forecast, assumptions, and thoughts on valuation. Our previous coverage of the IPO:

Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up 

Smart Share Global (怪兽充电): Rent A Power Bank on the Ground 

Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape 


Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation

Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

Private Capital Markets

<p>£8bn at the mid-point… that’s pretty high. That prices the company on a much higher valuation than $DASH on a comparable accounting perspective. Also, existing investors which include Will Shu will be selling OVER £600mn shares.</p>

£8bn at the mid-point… that’s pretty high. That prices the company on a much higher valuation than $DASH on a comparable accounting perspective. Also, existing investors which include Will Shu will be selling OVER £600mn shares.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

GoTo Gojek Tokopedia Tbk PT / Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> just had a vote of confidence in its digital financial strategy, with GIC (Singapore's Sovereign Wealth Fund) revealing that it will invest in <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>, where Gojek recently increased its own stake to 22.16%. </p>
<p>GIC will invest around US$225m to acquire circa 9% stake in <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> through a rights issue to take place in March.</p>
<p>The Indonesian bank is already in the process of transforming itself into a digital bank but bringing in GIC as a shareholder will bring comfort in terms of governance of the bank, as well as obviously bringing new funds.</p>
<p><a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will secure IDR7tn or US$497.3m through the issuance of new shares, increasing its total capital to IDR8tn or US$564.4m.</p>
<p>The potential customer base for <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will be even larger assuming the Gojek-Tokopedia merger goes through, opening up Tokopedia's customers and sellers as potential customers. </p>
<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is not standing still on digital finance in Indonesia and has recently acquired a local bank Bank BKE, which has been renamed SeaBank, which we also discuss below. <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> probably represents the most serious potential competitive threat for <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>.</p>
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<p>Valuations for the merged <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a> and <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia PT (1087142D IJ)</a> have crept up to US$35bn-US$40bn and no doubt an early success with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a> will help it command a higher multiple on the listing of the combined entity. </p>
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Gojek (1379371D IJ) just had a vote of confidence in its digital financial strategy, with GIC (Singapore's Sovereign Wealth Fund) revealing that it will invest in Bank Jago Tbk PT (ARTO IJ), where Gojek recently increased its own stake to 22.16%. 
GIC will invest around US$225m to acquire circa 9% stake in Bank Jago Tbk PT (ARTO IJ) through a rights issue to take place in March.
The Indonesian bank is already in the process of transforming itself into a digital bank but bringing in GIC as a shareholder will bring comfort in terms of governance of the bank, as well as obviously bringing new funds.
Bank Jago Tbk PT (ARTO IJ) will secure IDR7tn or US$497.3m through the issuance of new shares, increasing its total capital to IDR8tn or US$564.4m.
The potential customer base for Bank Jago Tbk PT (ARTO IJ) will be even larger assuming the Gojek-Tokopedia merger goes through, opening up Tokopedia's customers and sellers as potential customers. 
Sea Ltd (SE US) is not standing still on digital finance in Indonesia and has recently acquired a local bank Bank BKE, which has been renamed SeaBank, which we also discuss below. Sea Ltd (SE US) probably represents the most serious potential competitive threat for Bank Jago Tbk PT (ARTO IJ).

Valuations for the merged Gojek (1379371D IJ) and Tokopedia PT (1087142D IJ) have crept up to US$35bn-US$40bn and no doubt an early success with Bank Jago Tbk PT (ARTO IJ) will help it command a higher multiple on the listing of the combined entity. 


Gojek (1379371D IJ) - A Leg Up for Digital Finance?

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p>DoorDash is one of our highest conviction shorts for 2021. It has a massively unprofitable business model with unstable market share that must be protected through unlimited spending. We think this is a $60-70 stock eventually.</p>

DoorDash is one of our highest conviction shorts for 2021. It has a massively unprofitable business model with unstable market share that must be protected through unlimited spending. We think this is a $60-70 stock eventually.

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Deliveroo part 7 - Valuation

£8bn at the mid-point… that’s pretty high. That prices the company on a much higher valuation than $DASH on a comparable accounting perspective

Newmoon Capital

Gojek (1379371D IJ) - A Leg Up for Digital Finance?

The move by GIC to invest in Bank Jago represents a vote of confidence in Gojek's digital financial strategy and places it ahead of its competitors...

Angus Mackintosh

DoorDash: Run for the Exits

DoorDash is one of our top short picks for 2021. We think the earnings implosion is just the start as it fails to comp its outrageously fortunate...

Aaron Gabin

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Smart Share Global (怪兽充电) IPO Trading - Cheaper Now but Still May Not Be Enough

Smart Share Global (EM US) (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price...

Zhen Zhou, Toh

Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation

Smart Share Global (EM US) (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO. In this note, we will share...

Zhen Zhou, Toh

Deliveroo part 7 - Valuation

£8bn at the mid-point… that’s pretty high. That prices the company on a much higher valuation than $DASH on a comparable accounting perspective

Newmoon Capital

Gojek (1379371D IJ) - A Leg Up for Digital Finance?

The move by GIC to invest in Bank Jago represents a vote of confidence in Gojek's digital financial strategy and places it ahead of its competitors...

Angus Mackintosh

DoorDash: Run for the Exits

DoorDash is one of our top short picks for 2021. We think the earnings implosion is just the start as it fails to comp its outrageously fortunate...

Aaron Gabin