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.

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.</li>
<li>I discussed the investment case in <strong><em><a href="https://www.smartkarma.com/insights/geekplus-technology-ipo-2590-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:192127" rel="noopener">Geekplus Technology IPO (2590 HK): The Investment Case</a></em></strong>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.</li>
</ul>



Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.


Geekplus Technology IPO (2590 HK): Valuation Insights

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.</li>
<li>The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.</li>
<li>I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.</li>
</ul>


Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.


Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus Technology (2590 HK)</a> is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     </li>
<li>Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.</li>
<li>The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  </li>
</ul>



Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  


Geekplus Technology IPO (2590 HK): The Investment Case

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/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geek+ (1678559D CH)</a> is looking to raise up to $300m in its upcoming Hong Kong IPO.</li>
<li>It is a leader in the global autonomous mobile robots (AMR) market.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

United States

Symbotic Inc operates as an automation technology company. The Company specializes in supply chain with its end-to-end, AI-powered robotic, and software platform. Symbotic serves the retail, wholesale, and food companies worldwide.

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Symbotic (SYM US)

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Geekplus Technology IPO (2590 HK): The Investment Case

Geekplus, a leader in the global autonomous mobile robot market, is seeking to raise US$300 million. In this note, I discuss the investment case.

Arun George

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

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Market Cap (USDm)

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Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus, a leader in the global autonomous mobile robot (AMR) market, is seeking to raise US$300 million. In this note, I present my forecasts and...

Arun George

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

​Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...

Andrei Zakharov

Geekplus Technology IPO (2590 HK): The Investment Case

Geekplus, a leader in the global autonomous mobile robot market, is seeking to raise US$300 million. In this note, I discuss the investment case.

Arun George

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

Beijing Geekplus is looking to raise up to $300m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

Geek+ plans to raise ~$300M in Hong Kong IPO, set to start trading on July 9 with a market cap of ~$2.8B. IPO valuation is not cheap with no major...