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>Zscaler reported strong performance in its fourth quarter and fiscal year 2025 results, indicating robust growth and expanding demand for its cybersecurity solutions.</li><li>The company achieved significant milestones, including an annual recurring revenue (ARR) surpassing $3 billion, reflecting a year-over-year growth of approximately 22%.</li><li>It also continues to be one of the few pure-play SaaS security vendors reaching such a level, demonstrating its strong positioning in the cybersecurity market.</li></ul>

Zscaler reported strong performance in its fourth quarter and fiscal year 2025 results, indicating robust growth and expanding demand for its cybersecurity solutions.The company achieved significant milestones, including an annual recurring revenue (ARR) surpassing $3 billion, reflecting a year-over-year growth of approximately 22%.It also continues to be one of the few pure-play SaaS security vendors reaching such a level, demonstrating its strong positioning in the cybersecurity market.

Zscaler: What Makes Its Data Security + Zero Trust Everywhere Combo a Game-Changer?

<ul><li>Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.</li><li>The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.</li><li>Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.</li></ul>

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

<ul><li>Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy.</li><li>The company achieved a notable year-over-year revenue increase of 23%, culminating in a total of $648 million, surpassing their guidance.</li><li>This financial performance is largely attributed to accelerated billings, improved sales productivity, and heightened customer demand for the Zscaler platform.</li></ul>

Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy.The company achieved a notable year-over-year revenue increase of 23%, culminating in a total of $648 million, surpassing their guidance.This financial performance is largely attributed to accelerated billings, improved sales productivity, and heightened customer demand for the Zscaler platform.

Zscaler Inc.: Zero Trust Everywhere Initiative to Offer Robust Cybersecurity Solutions In Evolving Threat Landscape!

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. </li>
<li>While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.</li>
</ul>


Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. 
While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.


Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

United States

Zscaler, Inc. operates as a security software company. The Company offers cloud-based platform that provides web and mobile security, threat protection, cloud application visibility, and networking solutions. Zscaler serves clients worldwide.

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Zscaler (ZS US)

Zscaler: What Makes Its Data Security + Zero Trust Everywhere Combo a Game-Changer?

Zscaler reported strong performance in its fourth quarter and fiscal year 2025 results, indicating robust growth and expanding demand for its...

Baptista Research

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in...

Baptista Research

Zscaler Inc.: Zero Trust Everywhere Initiative to Offer Robust Cybersecurity Solutions In Evolving Threat Landscape!

Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy. The...

Baptista Research

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zscaler: What Makes Its Data Security + Zero Trust Everywhere Combo a Game-Changer?

Zscaler reported strong performance in its fourth quarter and fiscal year 2025 results, indicating robust growth and expanding demand for its...

Baptista Research

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in...

Baptista Research

Zscaler Inc.: Zero Trust Everywhere Initiative to Offer Robust Cybersecurity Solutions In Evolving Threat Landscape!

Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy. The...

Baptista Research

Netskope, Inc. (NTSK): Cybersecurity Leader Draws Eyes with Robust Recurring Revenue

​Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

IPO Boutique

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Netskope set to debut on Thursday with 47.8 million shares at $15-$17, oversubscribed deal in cybersecurity sector with no price sensitivity.

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...