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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>Strong IPO debut: PAYP opened 19% above its $16 IPO price and traded as high as $24.89 during its first several weeks.</li>
<li>Meaningful pullback: Shares fell to $12.07 on June 22 amid sustained selling pressure and a challenging financial-sector backdrop.</li>
<li>Fundamentals remain constructive: July 30 results beat EPS and revenue estimates, while management raised its outlook; shares have since recovered to $17.56.</li>
</ul>


Strong IPO debut: PAYP opened 19% above its $16 IPO price and traded as high as $24.89 during its first several weeks.
Meaningful pullback: Shares fell to $12.07 on June 22 amid sustained selling pressure and a challenging financial-sector backdrop.
Fundamentals remain constructive: July 30 results beat EPS and revenue estimates, while management raised its outlook; shares have since recovered to $17.56.


PayPay Corporation (PAYP): Post 180 Day: IPO Honeymoon Over, But Fundamentals Are Starting to Shine

Event-Driven

<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, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

<ul>
<li>PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.</li>
<li>With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.</li>
<li>Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.</li>
</ul>


PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.
With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.
Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.


PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We add PayPay to our coverage and to our payments company buy list for its GARP qualities</li>
<li>We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin</li>
<li>We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm</li>
</ul>


We add PayPay to our coverage and to our payments company buy list for its GARP qualities
We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin
We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm


PayPay (PAYP) Post-IPO and Payment Companies Update

Japan

PayPay Corporation offers financial services. The Company provides mobile payment and other electronic payment services. PayPay conducts its businesses in Japan.

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PayPay (PAYP US)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

PayPay Corporation (PAYP): Post 180 Day: IPO Honeymoon Over, But Fundamentals Are Starting to Shine

PayPay's stock has taken investors on a wild six-month ride, but improving earnings and guidance suggest the business may be stronger than the post...

IPO Boutique

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PayPay (PAYP) Post-IPO and Payment Companies Update

Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

PayPay Corporation (PAYP): Post 180 Day: IPO Honeymoon Over, But Fundamentals Are Starting to Shine

PayPay's stock has taken investors on a wild six-month ride, but improving earnings and guidance suggest the business may be stronger than the post...

IPO Boutique

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

​PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PayPay (PAYP) Post-IPO and Payment Companies Update

​Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...

Victor Galliano

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...