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.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/agora-inc" target="_blank" data-smartkarma-citation="entities:29037:1" rel="noopener">Agora Inc. (API US)</a> is a software company which provides developers simple-to-use, highly customisable and widely compatible application programming interfaces (APIs) to embed real-time video, voice and messaging functionalities into their applications without the need to develop the technology or build the underlying infrastructure themselves. Agora has launched its IPO at a price range of $16-18 per ADS. It has also announced a $110 million concurrent private placement with Coatue ($50 million), Neumann Capital ($30 million) and Vitruvian Partners ($30 million). At the mid-point of the IPO price range and along with concurrent private placement, Agora will raise net proceeds of $384.4 million.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/agora-ipo-initiation-making-it-happen" target="_blank" rel="noopener">our initiation note</a>, we stated that Agora has benefitted from a COVID-19 driven demand growth spurt, which will have some lasting positive effect. Agora is a play on the underlying trend of end-users demanding a more immersive and high-quality video and voice engagement experience. We believe that Agora’s fundamentals are attractive. Overall, our valuation analysis suggests that the IPO price is attractive.</p></div></div></div>

Agora Inc. (API US) is a software company which provides developers simple-to-use, highly customisable and widely compatible application programming interfaces (APIs) to embed real-time video, voice and messaging functionalities into their applications without the need to develop the technology or build the underlying infrastructure themselves. Agora has launched its IPO at a price range of $16-18 per ADS. It has also announced a $110 million concurrent private placement with Coatue ($50 million), Neumann Capital ($30 million) and Vitruvian Partners ($30 million). At the mid-point of the IPO price range and along with concurrent private placement, Agora will raise net proceeds of $384.4 million.In our initiation note, we stated that Agora has benefitted from a COVID-19 driven demand growth spurt, which will have some lasting positive effect. Agora is a play on the underlying trend of end-users demanding a more immersive and high-quality video and voice engagement experience. We believe that Agora’s fundamentals are attractive. Overall, our valuation analysis suggests that the IPO price is attractive.

<p><a href="https://www.smartkarma.com/entities/agora-inc" target="_blank" data-smartkarma-citation="entities:29037:1" rel="noopener">Agora Inc. (API US)</a> is a software company which provides developers simple-to-use, highly customisable and widely compatible application programming interfaces (APIs) to embed real-time video, voice and messaging functionalities into their applications without the need to develop the technology or build the underlying infrastructure themselves. Agora has launched a Nasdaq IPO and concurrent private placement to raise net proceeds of $384.4 million. </p><div class="content-highlight"><p>Agora has benefitted from a COVID-19 driven demand growth spurt, which will have some lasting positive effect. Agora is a play on the underlying trend of end-users demanding a more immersive and high-quality video and voice engagement experience. Overall, we believe that Agora’s fundamentals are attractive.</p></div>

Agora Inc. (API US) is a software company which provides developers simple-to-use, highly customisable and widely compatible application programming interfaces (APIs) to embed real-time video, voice and messaging functionalities into their applications without the need to develop the technology or build the underlying infrastructure themselves. Agora has launched a Nasdaq IPO and concurrent private placement to raise net proceeds of $384.4 million. Agora has benefitted from a COVID-19 driven demand growth spurt, which will have some lasting positive effect. Agora is a play on the underlying trend of end-users demanding a more immersive and high-quality video and voice engagement experience. Overall, we believe that Agora’s fundamentals are attractive.

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<p><a href="https://www.smartkarma.com/entities/agora-inc" target="_blank" data-smartkarma-citation="entities:29037:1" rel="noopener">Agora Inc. (API US)</a> is looking to raise US$100m in its upcoming IPO in the U.S.</p><p>The company runs a platform that provides developers with Application Programming Interfaces (API) to embed real-time video, voice and messaging functionalities into their application without having to build it from scratch themselves. </p><p>In this note, we will look at the company's business model, fundamentals, and share our observations on key operating metrics.</p>

Agora Inc. (API US) is looking to raise US$100m in its upcoming IPO in the U.S.The company runs a platform that provides developers with Application Programming Interfaces (API) to embed real-time video, voice and messaging functionalities into their application without having to build it from scratch themselves. In this note, we will look at the company's business model, fundamentals, and share our observations on key operating metrics.

Agora Pre-IPO - Voicing Out Concerns on Data Disclosure

China

Agora, Inc. provides communication software solutions. The Company offers video, voice, and live interactive streaming platform to interact and engage with others online. Agora serves customers worldwide.

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Agora Inc. (API US)

Agora IPO: Valuation Insights

Agora Inc. (API US) is a software company which provides developers simple-to-use, highly customisable and widely compatible application...

Arun George

Agora IPO Initiation: Making It Happen

Agora Inc. (API US) is a software company which provides developers simple-to-use, highly customisable and widely compatible application...

Arun George

Agora Pre-IPO - Voicing Out Concerns on Data Disclosure

Agora Inc. (API US) is looking to raise US$100m in its upcoming IPO in the U.S.The company runs a platform that provides developers with...

Zhen Zhou, Toh

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