Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.</li>
<li>The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.</li>
</ul>



Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.

Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.


Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

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.

Equity Bottom-Up

<ul><li>Shopify Inc.'s latest earnings results reflect a substantial growth trajectory, marked by significant advancements in product innovation and expansion of global market reach.</li><li>In 2024, Shopify reported nearly $300 billion in gross merchandise volume (GMV) and $9 billion in revenue, showcasing a remarkable increase of 26% in annual revenue growth and a free cash flow margin of 18%.</li><li>This success was further amplified by a strong fourth quarter, where revenue growth surged by 31% and free cash flow margins reached 22%, placing the company in a favorable position known as the "rule of 50" — a rare achievement in the e-commerce sector.</li></ul>

Shopify Inc.'s latest earnings results reflect a substantial growth trajectory, marked by significant advancements in product innovation and expansion of global market reach.In 2024, Shopify reported nearly $300 billion in gross merchandise volume (GMV) and $9 billion in revenue, showcasing a remarkable increase of 26% in annual revenue growth and a free cash flow margin of 18%.This success was further amplified by a strong fourth quarter, where revenue growth surged by 31% and free cash flow margins reached 22%, placing the company in a favorable position known as the "rule of 50" — a rare achievement in the e-commerce sector.

Shopify Inc.: Will Its Focus On Enterprise Solutions & International Expansion Pay Off?

<ul><li>Shopify Inc. has reported a strong performance for the third quarter of 2024, showcasing significant growth and expansion across several facets of its business.</li><li>The company's gross merchandise volume (GMV) grew 24% for the quarter, marking the fifth consecutive quarter of GMV growth over 20%.</li><li>This growth was attributed to increased same-store sales among existing merchants, growth in new merchants, and international expansion, particularly in Europe.</li></ul>

Shopify Inc. has reported a strong performance for the third quarter of 2024, showcasing significant growth and expansion across several facets of its business.The company's gross merchandise volume (GMV) grew 24% for the quarter, marking the fifth consecutive quarter of GMV growth over 20%.This growth was attributed to increased same-store sales among existing merchants, growth in new merchants, and international expansion, particularly in Europe.

Shopify Inc.: How Is The Management Executing Integration with Emerging Sales Channels! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (1703609D CH)</a> is looking to raise up to US$100m in its upcoming Hong Kong IPO.</li>
<li>It is China’s largest and most popular e-commerce SaaS ERP provider to facilitate the connection of merchants with over 400 e-commerce platforms in China and across the world.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



JST Group (1703609D CH) is looking to raise up to US$100m in its upcoming Hong Kong IPO.
It is China’s largest and most popular e-commerce SaaS ERP provider to facilitate the connection of merchants with over 400 e-commerce platforms in China and across the world.
In this note, we look at the firm's past performance.


JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags

Canada

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

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Shopify (SHOP US)

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Following a rasel methodology update, Canada will be used as the country of headquarters resulting in a Canadian index nationality due to country...

Dimitris Ioannidis

Shopify Inc.: Will Its Focus On Enterprise Solutions & International Expansion Pay Off?

Shopify Inc.'s latest earnings results reflect a substantial growth trajectory, marked by significant advancements in product innovation and...

Baptista Research

Shopify Inc.: How Is The Management Executing Integration with Emerging Sales Channels! - Major Drivers

Shopify Inc. has reported a strong performance for the third quarter of 2024, showcasing significant growth and expansion across several facets of...

Baptista Research

JST Group Pre-IPO: Growing Rapidly but with Some Accounting Red Flags

JST Group (JST) is looking to raise up to US$100m in its upcoming Hong Kong IPO. It is China’s largest and most popular e-commerce SaaS ERP provider.

Nicholas Tan

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