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>Couche-Tard has withdrawn its offer for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> by unfairly laying the entire blame on the Board.</li>
<li>The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.</li>
<li>In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. </li>
</ul>


Couche-Tard has withdrawn its offer for Seven &amp; I Holdings (3382 JP) by unfairly laying the entire blame on the Board.
The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.
In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. 


Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<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

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.

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

<ul>
<li>Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.</li>
<li>With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.</li>
<li>Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).</li>
</ul>


Klarna Group, a founder-led BNPL giant and leading fintech company, will try to make another one IPO push in the second half of the year.
With the most recent F-1/A, the company reported worse-than-expected 1Q25 results, including total revenue of $701M (+9% YoY) and operating loss of $90M, up ~221% YoY.
Klarna Group 1Q net loss nearly tripled to ~$101M on mid-single-digit GMV growth, weaker-than-expected interest income and high SBC expense (~8% of revenues).


Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023</li>
<li>For the items we purchased 17 months ago, total cost at AMZN was largely unchanged</li>
<li>But at SHEIN, those items almost <em>tripled</em> in cost, still feature slow transits, difficult returns</li>
</ul>


Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023
For the items we purchased 17 months ago, total cost at AMZN was largely unchanged
But at SHEIN, those items almost tripled in cost, still feature slow transits, difficult returns


SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are...

Arun George

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

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...

Andrei Zakharov

SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

Our personal shopping "experiment" suggests that SHEIN has lost most of the price advantage it enjoyed over US eComm giant Amazon a year and a half...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are...

Arun George

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

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

Klarna IPO Update: Earnings Recap/Estimate Changes, 1Q25 Net Loss Widened to ~$101M

​Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...

Andrei Zakharov

SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

Our personal shopping "experiment" suggests that SHEIN has lost most of the price advantage it enjoyed over US eComm giant Amazon a year and a half...

Tracking Traffic

Founder-led BNPL giant Klarna Group plans another IPO push in H2 2025 despite worse-than-expected 1Q25 results, including a widened net loss of...