Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. </li>
<li>Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  shares in 2H22. Strong insider buying indicates the stock could hit bottom. </li>
<li>We estimate <a href="https://www.smartkarma.com/entities/freshworks-inc" target="_blank" data-smartkarma-citation="entities:34147:1" rel="noopener">Freshworks (FRSH US)</a>  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.</li>
</ul>



Freshworks (FRSH US)  shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year. 
Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US)  shares in 2H22. Strong insider buying indicates the stock could hit bottom. 
We estimate Freshworks (FRSH US)  crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.


Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

Tianju Dihe Technology / Equity Capital Markets

<ul>
<li>Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.</li>
<li>The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  </li>
<li>Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.</li>
</ul>


Tianju Dihe Technology, a provider of integrated API-enabled data exchange services in China, set terms for an IPO and plans to raise ~HK$400M in June.
The initial public offering is expected to be priced at HK$83.33 per H share, valuing the technology company at ~HK$4.2B or $535M based on 50.1M outstanding shares.  
Cornerstone investors have agreed to acquire ~3.8M H shares, representing 80% of the offer shares or ~8% of the total outstanding shares.


Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

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>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.</li>
<li>Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire <a href="https://www.smartkarma.com/entities/ping-identity-holding-corp" target="_blank" data-smartkarma-citation="entities:28271:1" rel="noopener">Ping Identity Holding Corp (PING US)</a> last week. </li>
<li>Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.</li>
</ul>



Nearmap Ltd (NEA AU) disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.
Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire Ping Identity Holding Corp (PING US) last week. 
Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.


Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

We issue in-process short research ideas periodically.  Our formal recommendations will likely come from this list, although not all will make the final cut.  Here we introduce a series of names that look interesting.Atkore Inc (ATKR), Producer Manufacturing, Grocery Outlet Holding Corp. (GO) Food Retail, PBF Energy, Inc. Class A (PBF), Oil Refining/Marketing, Ping Identity Holding Corp. (PING) Packaged Software, Renewable Energy Group, (REGI) Chemicals: Specialty, Blink Charging Co (BLNK) Other Consumer Services.

We issue in-process short research ideas periodically.  Our formal recommendations will likely come from this list, although not all will make the final cut.  Here we introduce a series of names that look interesting.Atkore Inc (ATKR), Producer Manufacturing, Grocery Outlet Holding Corp. (GO) Food Retail, PBF Energy, Inc. Class A (PBF), Oil Refining/Marketing, Ping Identity Holding Corp. (PING) Packaged Software, Renewable Energy Group, (REGI) Chemicals: Specialty, Blink Charging Co (BLNK) Other Consumer Services.  

Short Ideas "On the Workbench" - Promising Shorts Under Our Research Microscope.

United States

Ping Identity Holding Corp operates as a holding company. The Company, through its subsidiaries, provides a platform that allows users and devices to securely access any service, application, and application programming interface (API) from any device. Ping Identity Holding serves customers worldwide.

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Ping Identity Holding Corp (PING US)

Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Strong insider buying and a recent buyout of Zendesk may indicate a bottom for Freshworks shares as valuations have improved. Freshworks...

Andrei Zakharov

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

Tianju Dihe Technology, a founder-led API services provider, is expected to price its IPO next week and I see a limited room for multiple expansion

Andrei Zakharov

Short Ideas "On the Workbench" - Promising Shorts Under Our Research Microscope.

Promising Shorts Under Our Research Microscope: Atkore (ATKR), Grocery Outlet Holding (GO), PBF Energy. (PBF), Ping Identity Holding (PING),...

Eric Fernandez, CFA

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Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear

Strong insider buying and a recent buyout of Zendesk may indicate a bottom for Freshworks shares as valuations have improved. Freshworks...

Andrei Zakharov

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Tianju Dihe Technology IPO: Limited Room For Multiple Expansion Despite Healthy Growth

Tianju Dihe Technology, a founder-led API services provider, is expected to price its IPO next week and I see a limited room for multiple expansion

Andrei Zakharov

Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Thoma Bravo is a credible bidder, and the Board will likely recommend a binding offer. We think that the offer is reasonable. At the last close,...

Arun George

Short Ideas "On the Workbench" - Promising Shorts Under Our Research Microscope.

Promising Shorts Under Our Research Microscope: Atkore (ATKR), Grocery Outlet Holding (GO), PBF Energy. (PBF), Ping Identity Holding (PING),...

Eric Fernandez, CFA