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>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the upcoming lock-up expiry and deal dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the upcoming lock-up expiry and deal dynamics.


Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

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>Under Armour recently articulated its strategies and financial outlook during the company's report on its fourth quarter and full fiscal year performance.</li><li>The analysis revealed a set of challenges and a transformative roadmap intended to assert Under Armour's enduring presence as a foremost player in the athletic performance industry.</li><li>Under Armour is presently prioritizing restructuring efforts that hold promise for long-term brand revitalization but forecast a short to medium-term contraction in revenue.</li></ul>

Under Armour recently articulated its strategies and financial outlook during the company's report on its fourth quarter and full fiscal year performance.The analysis revealed a set of challenges and a transformative roadmap intended to assert Under Armour's enduring presence as a foremost player in the athletic performance industry.Under Armour is presently prioritizing restructuring efforts that hold promise for long-term brand revitalization but forecast a short to medium-term contraction in revenue.

Under Armour Inc.: Enhanced Product Innovation and SKU Rationalization To Stay Competitive! - Major Drivers

<ul><li>Under Armour, the prominent athletic performance brand, reported their Q4 2024 earnings.</li><li>While the brand maintains a strong foundation and reputation amongst consumers, recent changes in leadership and the COVID 19 pandemic have presented challenges to the company's operations, including increased competition and changes in consumer shopping behavior.</li><li>The company expressed a commitment to improvement by prioritizing clarity and stability amid rapid executive team changes and industry shifts.</li></ul>

Under Armour, the prominent athletic performance brand, reported their Q4 2024 earnings.While the brand maintains a strong foundation and reputation amongst consumers, recent changes in leadership and the COVID 19 pandemic have presented challenges to the company's operations, including increased competition and changes in consumer shopping behavior.The company expressed a commitment to improvement by prioritizing clarity and stability amid rapid executive team changes and industry shifts.

Under Armour Inc.: Will Its D2C Focused International Business Strategy Pay Off? - Major Drivers

<ul><li>Under Armour Inc.'s Q3 2024 earnings revealed a challenging retail environment and uneven consumer behavior across markets.</li><li>Despite the difficulties, the company achieved Q3 results aligned with November projections, better-than-expected earnings, and has made substantial progress in boosting global demand and simplifying consumer interactions.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Under Armour Inc.'s Q3 2024 earnings revealed a challenging retail environment and uneven consumer behavior across markets.Despite the difficulties, the company achieved Q3 results aligned with November projections, better-than-expected earnings, and has made substantial progress in boosting global demand and simplifying consumer interactions.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Under Armour: Are The Significant Leadership Changes Bringing A Lot Of Uncertainty? - Major Drivers

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/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  </li>
</ul>



Snow Peak Inc (7816 JP) has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  


Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

United States

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

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Under Armour (UAA US)

Amer Sports IPO Lock-Up Expiry - PE Investor Might Look to Trim US$750m Stake

Amer Sports (AS US) raised around US$1.3bn in its US IPO in Feb 2024, after pricing its IPO below its initial range. Its pre-IPO investors will be...

Sumeet Singh

Under Armour Inc.: Enhanced Product Innovation and SKU Rationalization To Stay Competitive! - Major Drivers

Under Armour recently articulated its strategies and financial outlook during the company's report on its fourth quarter and full fiscal year...

Baptista Research

Under Armour Inc.: Will Its D2C Focused International Business Strategy Pay Off? - Major Drivers

Under Armour, the prominent athletic performance brand, reported their Q4 2024 earnings. While the brand maintains a strong foundation and...

Baptista Research

Under Armour: Are The Significant Leadership Changes Bringing A Lot Of Uncertainty? - Major Drivers

Under Armour Inc.'s Q3 2024 earnings revealed a challenging retail environment and uneven consumer behavior across markets. Despite the...

Baptista Research

Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance...

Arun George

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