Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Talabat Holding plc operates as a holding company. The Company, through its subsidiaries, provides on-demand online food ordering, delivery, and take-away solutions, as well as engages in groceries and convenience retail marketplace. Talabat Holding serves customers worldwide.

<ul>
<li>Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. </li>
<li>IPO price is between AED 1.50 ($0.41) and AED 1.60 per share. At the high end of IPO price range, Talabat could raise up to AED 7.5 billion (US$2 billion).</li>
<li>The final IPO offer price will be announced on Friday (29 November). This IPO is expected to start trading on 10 December. </li>
</ul>


Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. 
IPO price is between AED 1.50 ($0.41) and AED 1.60 per share. At the high end of IPO price range, Talabat could raise up to AED 7.5 billion (US$2 billion).
The final IPO offer price will be announced on Friday (29 November). This IPO is expected to start trading on 10 December. 


Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Private Capital Markets

Revolut Limited / Private Capital Markets

Revolut Limited designs and develops application software. The Company offers money transfers, vaults, budgeting, cryptocurrency, mobile phone, and medical insurance. Revolut serves customers in the United Kingdom.

<ul>
<li>Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn</li>
<li>We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank</li>
<li>Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence</li>
</ul>


Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence


Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

Raspberry Pi Ltd provides high-quality, low-cost computing solutions to people and businesses all over the world.

<ul>
<li>Raspberry Pi is expected to raise about £157 million in this IPO. The conditional trading for this IPO is expected to be take place on 11 June.</li>
<li>We estimate Raspberry Pi to generate sales of US$342.1 million (up 28.7% YoY) and operating profit of US$48.5 million (up 29.3% YoY) in 2024.</li>
<li>Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per share (43% higher than the high end of the initial IPO price range). </li>
</ul>


Raspberry Pi is expected to raise about £157 million in this IPO. The conditional trading for this IPO is expected to be take place on 11 June.
We estimate Raspberry Pi to generate sales of US$342.1 million (up 28.7% YoY) and operating profit of US$48.5 million (up 29.3% YoY) in 2024.
Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per share (43% higher than the high end of the initial IPO price range). 


<ul>
<li>Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. </li>
<li>Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems. </li>
<li>The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023. </li>
</ul>


Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. 
Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems. 
The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023. 


Research from e27, e27

Research from e27

e27 is Asia's largest Tech media platform. We cover the latest news on emerging and disruptive businesses across the region.

Oobit Technologies UAB / Private Capital Markets

Oobit Technologies UAB develops a mobile payment application. The Company provides a platform that allows crypto holders to tap and pay anywhere with the contactless symbol. Oobit Technologies serves customers globally.

<ul><li>Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.</li><li>The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.</li><li>The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.</li></ul>

Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.

Tether, Solana co-founder back Oobit’s US$25M Series A round | e27

Europe ECM
Coverage of European IPOs & Placements

Talabat Holding IPO Preview

Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. IPO price is between...

Douglas Kim

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Raspberry Pi IPO Valuation Analysis

Raspberry Pi is expected to raise about £157 million in this IPO. Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per...

Douglas Kim

Raspberry Pi IPO Preview

Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. Raspberry Pi is backed by...

Douglas Kim

Tether, Solana co-founder back Oobit’s US$25M Series A round | e27

Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round. The backers in this round include the...

e27

Talabat Holding IPO Preview

Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. IPO price is between...

Douglas Kim

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

​Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Raspberry Pi IPO Valuation Analysis

Raspberry Pi is expected to raise about £157 million in this IPO. Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per...

Douglas Kim

Raspberry Pi IPO Preview

Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. Raspberry Pi is backed by...

Douglas Kim

Tether, Solana co-founder back Oobit’s US$25M Series A round | e27

Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round. The backers in this round include the...

e27

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...