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>On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.</li>
<li>The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. </li>
<li>Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.</li>
</ul>


On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.
The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. 
Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.


DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  </li>
<li>According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.</li>
<li>The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.</li>
</ul>


Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  
According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.
The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.


Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about valuations and the lock-up release schedule.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about valuations and the lock-up release schedule.


Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about the recent updates since the company first reported its plans to list.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about the recent updates since the company first reported its plans to list.


Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Doordash and Uber have one of the biggest valuation discrepancies in consumer internet.</li>
<li>Doordash's stock is up 22% since earnings over an insanely rich acquisition for a second tier European asset.</li>
<li>Doordash's limited disclosures on its TAM adjacencies, which is part of the bull case are unusual.</li>
</ul>


Doordash and Uber have one of the biggest valuation discrepancies in consumer internet.
Doordash's stock is up 22% since earnings over an insanely rich acquisition for a second tier European asset.
Doordash's limited disclosures on its TAM adjacencies, which is part of the bull case are unusual.


DoorDash: Why Is Doordash 14x Sales and Uber 4x?

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE. The company also has US$20bn...

Sumeet Singh

Grab SPAC Listing: Avoid the Ride

Though Grab's SPAC listing would offer an opportunity to grab a share of the growing SEA market, Grab's financials do not justify its hefty...

Shifara Samsudeen, FCMA, CGMA

Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

On 13th Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp at an equity val of US$39.6bn. In...

Sumeet Singh

Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

In Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of...

Sumeet Singh

DoorDash: Why Is Doordash 14x Sales and Uber 4x?

While we have certainly been wrong to short DoorDash thus far, we are still sure it is mispriced. The question is… how to profit off of this?...

Aaron Gabin

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