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/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax</a>, a global AI foundation model company, aims to raise around US$600m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



MiniMax, a global AI foundation model company, aims to raise around US$600m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
In this note, we look at the company’s past performance.


MiniMax Pre-IPO - Fast User Growth, Low Market Share. Earlier App Was Pulled

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.</li><li>On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.</li><li>Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.</li></ul>

Sacra estimates that Midjourney hit $200 million in annual recurring revenue (ARR) as of 2023.On August 22, 2025, Midjourney announced a strategic partnership with Meta to license its aesthetic technology for future Meta models and products.Video generation represents Midjourney&#39;s most significant TAM expansion opportunity, addressing a market estimated at $26 billion by 2027.

<ul><li>Sacra estimates that Character.AI hit $30 million in annualized revenue in July 2025.</li><li>Character.AI announced on October 12, 2026 that it had initiated voluntary Chapter 11 bankruptcy proceedings to pursue a court-supervised sale.</li><li>Disney agreed to serve as the stalking-horse bidder for a non-exclusive perpetual license to certain intellectual property and certain company claims for $20M.</li></ul>

Sacra estimates that Character.AI hit $30 million in annualized revenue in July 2025.Character.AI announced on October 12, 2026 that it had initiated voluntary Chapter 11 bankruptcy proceedings to pursue a court-supervised sale.Disney agreed to serve as the stalking-horse bidder for a non-exclusive perpetual license to certain intellectual property and certain company claims for $20M.

<ul><li>Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.</li><li>Instabase&#39;s $2B valuation in 2023 represented a 43.5x multiple on its $46M revenue in 2023.</li><li>Instabase found product-market fit using optical character recognition (OCR) and their own ML language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.</li></ul>

Sacra estimates that Instabase hit $46M ARR in 2023, up 10% year-over-year, serving about 45 enterprise customers across banking, insurance, and healthcare with their hybrid consulting-software model for an average contract value of $1.02M.Instabase&#39;s $2B valuation in 2023 represented a 43.5x multiple on its $46M revenue in 2023.Instabase found product-market fit using optical character recognition (OCR) and their own ML language model to help banks turn stacks of paystubs, bank statements, and IDs into structured data and build workflows for credit and KYC checks around it.

<ul><li>Sacra estimates Limitless hit $2M in annual recurring revenue (ARR) in April 2025, up from $0.90M at the end of 2024.</li><li>In December 2025, Meta acquired Limitless.</li><li>Limitless found product-market fit as a meeting productivity tool for professionals who spend significant time in back-to-back meetings.</li></ul>

Sacra estimates Limitless hit $2M in annual recurring revenue (ARR) in April 2025, up from $0.90M at the end of 2024.In December 2025, Meta acquired Limitless.Limitless found product-market fit as a meeting productivity tool for professionals who spend significant time in back-to-back meetings.

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Primer: Character.AI - 14 Dec 2025

Chatbot app for conversing with user-created AI characters and personalities

Sacra

Primer: Instabase - 14 Dec 2025

Low-code tool for banks and insurers to extract data from unstructured documents

Sacra

Primer: Limitless - 11 Dec 2025

Wearable and software tool for recording, transcribing, and searching workplace conversations

Sacra

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52-week Range

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MiniMax Pre-IPO - Fast User Growth, Low Market Share. Earlier App Was Pulled

MiniMax, a global AI foundation model company, aims to raise around US$600m in its Hong Kong listing. In this note, we look at the company's past...

Sumeet Singh

Primer: Midjourney - 14 Dec 2025

AI image generation tool for creating visuals from text prompts via web or Discord

Sacra

Primer: Character.AI - 14 Dec 2025

Chatbot app for conversing with user-created AI characters and personalities

Sacra

Primer: Instabase - 14 Dec 2025

Low-code tool for banks and insurers to extract data from unstructured documents

Sacra

Primer: Limitless - 11 Dec 2025

Wearable and software tool for recording, transcribing, and searching workplace conversations

Sacra