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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

<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" 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$2 billion through a Nasdaq IPO.    </li>
<li>In 2024, PayPay held an 64% share of Japan’s code-based payment market by transaction volume. It is a subsidiary of <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>. </li>
<li>The investment case rests on market leadership, the payment business’s robust transaction-driven growth, financial services’ increasing margin contribution, profitability, and a strong credit profile. </li>
</ul>



PayPay (PAYP US), Japan’s leading financial technology company, is seeking to raise about US$2 billion through a Nasdaq IPO.    
In 2024, PayPay held an 64% share of Japan’s code-based payment market by transaction volume. It is a subsidiary of Softbank Group (9984 JP). 
The investment case rests on market leadership, the payment business’s robust transaction-driven growth, financial services’ increasing margin contribution, profitability, and a strong credit profile. 


PayPay IPO (PAYP US): The Investment Case

India

One97 Communications Ltd. is an Indian multinational technology company that provides digital payment and financial services to consumers and merchants. Its core offerings include payment services, lending, insurance, and wealth management, primarily through its flagship mobile wallet, Paytm. The company is headquartered in Noida, India, and was founded in 2000.

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Paytm (PAYTM IN)

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: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

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

PayPay IPO (PAYP US): The Investment Case

PayPay, Japan’s leading financial technology company, is seeking to raise about US$2 billion through a Nasdaq IPO. In this note, I discuss the...

Arun George

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