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/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

<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-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn 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 in our earlier note. In this note, we undertake a peer comparison.</li>
</ul>



PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn 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 in our earlier note. In this note, we undertake a peer comparison.


Aequitas: PayPay Pre-IPO - Peer Comparison

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.

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe</a> (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.</li>
<li>PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO.
PhonePe Ltd (PPL) is a fintech firm that builds digital platforms for payments services, digital distribution and financial services, offering consumer payments, merchant payments and lending and insurance distribution services.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: PhonePe Pre-IPO - The Negatives - Near Term Growth Might Be Capped

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

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: 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

Aequitas: PayPay Pre-IPO - Peer Comparison

PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO. In this note,...

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

Aequitas: PhonePe Pre-IPO - The Negatives - Near Term Growth Might Be Capped

Phonepe (PPL) is looking to raise up to US$1.35bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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