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.

Event-Driven

<ul>
<li>Bloomberg reports that KKR and TPG are exploring options, including a buyout of <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, and are gauging initial interest from other global investors.</li>
<li>The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. </li>
<li>The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. </li>
</ul>


Bloomberg reports that KKR and TPG are exploring options, including a buyout of PropertyGuru (PGRU US), and are gauging initial interest from other global investors.
The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. 
The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. 


PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.</li>
<li>That Hong Kong stock is <strong><a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a></strong>, and it recently announced a merger with <strong>ZG Group</strong>, a Chinese steel trading website.</li>
<li>That's positive. Less positive is how de-SPACed shares tend to trade in the US. </li>
</ul>


SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.
That Hong Kong stock is Aquila Acquisition Corporation (7836 HK), and it recently announced a merger with ZG Group, a Chinese steel trading website.
That's positive. Less positive is how de-SPACed shares tend to trade in the US. 


SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>iBuying giant Opendoor has benefited significantly from soaring home prices over the last eighteen months, as revenues have tripled and its asset portfolio has skyrocketed in value.</li><li>However, surging mortgage rates coupled with sky-high prices are leading to a steep decline in sales.</li><li>Potential buyers are now waiting on the sidelines for lower rates/prices, while sellers are now pulling listings until prices start climbing again.</li></ul>

iBuying giant Opendoor has benefited significantly from soaring home prices over the last eighteen months, as revenues have tripled and its asset portfolio has skyrocketed in value.However, surging mortgage rates coupled with sky-high prices are leading to a steep decline in sales.Potential buyers are now waiting on the sidelines for lower rates/prices, while sellers are now pulling listings until prices start climbing again.

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul><li>Today I will be completing an in-depth analysis on Opendoor.</li><li>Within, I will break down the company’s backstory in relation to technological innovation as a whole, outline the opportunity they have in front of them and explain the significance of their mission.</li><li>In addition, I will provide an overview of their technological functionality, delve deep into their financials and most recent earnings report, provide some projections for the end of the upcoming quarter, and discuss some positive developments and risk-based factors alike that I’ve considered while analyzing this company.</li></ul>

Today I will be completing an in-depth analysis on Opendoor.Within, I will break down the company’s backstory in relation to technological innovation as a whole, outline the opportunity they have in front of them and explain the significance of their mission.In addition, I will provide an overview of their technological functionality, delve deep into their financials and most recent earnings report, provide some projections for the end of the upcoming quarter, and discuss some positive developments and risk-based factors alike that I’ve considered while analyzing this company.

Equity Capital Markets

Opendoor Technologies / Equity Capital Markets

<ul>
<li>After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.</li>
<li>Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.</li>
<li>A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.</li>
</ul>


After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.
Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.
A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.


United States

Opendoor Technologies Inc. provides digital platform for residential real estates. The Company develops service model for real estate buying and selling on a mobile device. Opendoor Technologies serves customers in the United States.

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Opendoor Technologies (OPEN US)

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