Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Development</h2><p>Hertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go to Uber (UBER) drivers.  On top of this, Hertz will also invest significantly in EV charging infrastructure across its global operations.</p>

Headline DevelopmentHertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go to Uber (UBER) drivers.  On top of this, Hertz will also invest significantly in EV charging infrastructure across its global operations.

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.</li><li>The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.</li><li>RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.</li></ul>

The company went public before being acquired by private equity firm Thoma Bravo in 2021 for $10.2 billion, representing a significant premium to its public market valuation at the time.The AI Revenue Management system acts as an algorithmic pricing engine that analyzes supply and demand signals, competitor rental rates, seasonal patterns, and unit-specific features to recommend optimal rent prices and lease terms for each apartment.RealPage's growth strategy depends heavily on continued consolidation in the property management industry, where large institutional owners increasingly dominate local markets.

<ul><li>Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.</li><li>Management projected the company would cross $1B in revenue by Q1 2026.</li><li>Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.</li></ul>

Sacra estimates that Bilt generated $500M in revenue in 2025, up 67% YoY from $300M in 2024.Management projected the company would cross $1B in revenue by Q1 2026.Bilt raised $250M in a round led by General Catalyst and GID, with UWM investing $100M as part of its mortgage partnership.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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.

Equity Capital Markets

Executive Centre India Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/executive-centre-india-ltd" target="_blank" data-smartkarma-citation="entities:45620:1" rel="noopener">Executive Centre India Ltd (2026075D IN)</a> (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. </li>
<li>ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. 
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
In this note, we talk about the company’s historical performance.


Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$860m and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> raised around US$310m in their HK Secondary offering.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the trading dynamics for the two deals.</li>
</ul>



Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.


PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

United States

WeWork Inc. provides co-working spaces for individuals and entrepreneurs. The Company offers private offices, office suites, headquarters, and custom build out options to fit a variety of office needs, as well as desk spaces and conference rooms. WeWork serves customers worldwide.

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WeWork (WEWKQ US)

Weekly Innovation Review (WIRE) #55

Hertz (HTZZ) just made the largest EV purchase ever, acquiring 100k Teslas (TLSA) for a reported $4.2b - half of which will go...

Granite Bay Capital

Primer: RealPage - 14 Jul 2026

Technology platform enabling real estate owners and managers to optimize property operations, pricing, and resident services

Sacra

Primer: Bilt - 19 Apr 2026

Payments and commerce network enabling users to earn rewards on rent and neighborhood spending

Sacra

Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Executive Centre India Ltd (ECIL) is looking to raise about US$288m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)