APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (6682 HK)</a> raised around US$131m in its Hong Kong IPO. </li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. </li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



4Paradigm (6682 HK) raised around US$131m in its Hong Kong IPO. 
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC. 
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


4Paradigm IPO Trading - Low Insti Subscription and Small Float

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.</li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.</li>
<li>In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.</li>
</ul>



4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.


4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li><li>As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.</li><li>Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li></ul>

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.

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.

Palantir Technologies  / Equity Bottom-Up

<ul><li>Palantir Technologies had its first profitable quarter following years of investment.</li><li>The company earned $509 million in sales and $79 million in operating cash flow and delivered an all-around beat.</li><li>While their U.S. commercial business slowed, their commercial business generated $215 million.</li></ul>

Palantir Technologies had its first profitable quarter following years of investment.The company earned $509 million in sales and $79 million in operating cash flow and delivered an all-around beat.While their U.S. commercial business slowed, their commercial business generated $215 million.

Palantir Technologies Inc.: Cloud Cost Optimization Efforts With Cloudflare & Other Drivers

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

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Palantir Technologies (PLTR US)

4Paradigm IPO Trading - Low Insti Subscription and Small Float

4Paradigm (6682 HK) raised around US$131m in its Hong Kong IPO. We have covered various aspects of the deal in our previous notes. In this note, we...

Ethan Aw

4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.

Ethan Aw

Freshworks: 2023 Investor Day and Valuation Update

2023 Investor Day highlights massive TAM, ongoing business momentum, adoption of multi-product strategy, and AI monetization opportunities: PT...

Andrei Zakharov

Weekly Stock Bullfinder - Week of 3/27

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall...

Weekly Stock Bull Finder

Palantir Technologies Inc.: Cloud Cost Optimization Efforts With Cloudflare & Other Drivers

Palantir Technologies had its first profitable quarter following years of investment. The company earned $509 million in sales and $79 million in...

Baptista Research

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