Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Aterian, Inc. provides consumer product platform. The Company offers home and kitchen appliances, health and wellness, beauty, and consumer electronics. Aterian serves customers worldwide.

<ul>
<li>8th December: Greengage &amp; Co Group has announced its intention to IPO onto AQSE.</li>
<li>The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients.</li>
<li>It provides business-to-business (B2B) introductions to electronicmoney (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. </li>
</ul>


8th December: Greengage &amp; Co Group has announced its intention to IPO onto AQSE.
The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional clients.
It provides business-to-business (B2B) introductions to electronicmoney (e-money) accounts and providers of credit for SMEs, fiduciaries, and family offices, enabling seamless movement between fiat and digital currencies. 


Hybridan Small Cap Feast: 9 December 2025

Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. While it provides full banking functionality through the Superbank app, the bulk of its growth is driven by deep integrations with major digital platforms such as Grab, OVO, Emtek, Singtel, and KakaoBank.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> has raised US$168m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Superbank (SUPA IJ) has raised US$168m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

PB Fintech Limited doing business as PolicyBazaar, develops and publishes an online financial services platform. The Company offers a consumer centric platform by partnering with financial services companies such as insurance companies to enhance their platform from a consumer e-commerce perspective.

<ul>
<li>It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.</li>
<li>Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.</li>
<li>These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or <a href="https://www.smartkarma.com/entities/pb-fintech-limited-policybazaar" target="_blank" data-smartkarma-citation="entities:33470:1" rel="noopener">Policybazaar (POLICYBZ IN)</a>, which is already under pressure from the GST rate cuts.</li>
</ul>


It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.
Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.
These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or Policybazaar (POLICYBZ IN), which is already under pressure from the GST rate cuts.


Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

Wealthfront Corporation / Equity Capital Markets

Wealthfront Corporation operates as a financial solutions company. The Company provides a digital financial solutions platform designed to offers cash management, investment advisory, borrowing and lending, and financial planning services. Wealthfront serves customers in the United States.

<ul><li>Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.” </li><li>The company plans to offer 34.6 million shares of common stock at an estimated range of $12.00–$14.00, with cornerstone commitments from BlackRock and Wellington, who may purchase up to $150 million of shares at the IPO price.</li><li>Based on the fully diluted share count disclosed in the S-1, Wealthfront’s initial public offering implies a fully diluted company market value of approximately $2.4 billion at the midpoint.</li></ul>

Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.” The company plans to offer 34.6 million shares of common stock at an estimated range of $12.00–$14.00, with cornerstone commitments from BlackRock and Wellington, who may purchase up to $150 million of shares at the IPO price.Based on the fully diluted share count disclosed in the S-1, Wealthfront’s initial public offering implies a fully diluted company market value of approximately $2.4 billion at the midpoint.

From Algorithms to Exchanges:  Wealthfront Makes Its Move to Nasdaq

Payments, e-wallets, digital banks, DLT and more

Fintech
Payments, e-wallets, digital banks, DLT and more

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Hybridan Small Cap Feast: 9 December 2025

The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional...

Hybridan

Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Hong Jie Seow

PB Fintech- Timing Shock Ahead?

Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...

Nitin Mangal

From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq

Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.”

IPO Prophet

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Hybridan Small Cap Feast: 9 December 2025

The Company bridges traditional finance and digital assets through a relationship-led fintech platform designed for institutional and professional...

Hybridan

Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

​Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Hong Jie Seow

PB Fintech- Timing Shock Ahead?

​Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...

Nitin Mangal

From Algorithms to Exchanges: Wealthfront Makes Its Move to Nasdaq

Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.”

IPO Prophet

Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...