Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">Freee (4478 JP)</a> (freee) aims to raise around US$300m in its mothers listing in Japan. Freee was founded by an ex-Google employee and counts <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> and <a href="https://www.smartkarma.com/entities/line-corp" target="_blank" data-smartkarma-citation="entities:22772:1" rel="noopener">LINE Corp (3938 JP)</a> amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. In my earlier note, <a href="https://www.smartkarma.com/insights/freee-pre-ipo-has-been-growing-fast-but-missing-data-points-leave-quite-a-few-niggling-doubts" target="_blank" rel="noopener">freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts</a>, I talked about the company’s background and analysed its past performance. I also spoke about how the company needs to provide more SaaS metrics data.In this note, I’ll compare the company’s operations with some of its peers to analyse how it stacks up against the competition. Freee still has formidable competitors in its segment and doesn’t seem to have emerged as a market leader by any means. Thus, the battle for dominance is very much still on.

Freee (4478 JP) (freee) aims to raise around US$300m in its mothers listing in Japan. Freee was founded by an ex-Google employee and counts Recruit Holdings (6098 JP) and LINE Corp (3938 JP) amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. In my earlier note, freee K.K. pre-IPO - Has been growing fast but missing data points leave quite a few niggling doubts, I talked about the company’s background and analysed its past performance. I also spoke about how the company needs to provide more SaaS metrics data.In this note, I’ll compare the company’s operations with some of its peers to analyse how it stacks up against the competition. Freee still has formidable competitors in its segment and doesn’t seem to have emerged as a market leader by any means. Thus, the battle for dominance is very much still on.

Freee K. K. Pre-IPO - The Battle Is Far from Over

freee K.K. (freee) aims to raise around US$300m in its mothers listing in Japan.Freee offers a cloud-native ERP platform encompassing a broad range of functions including accounting, invoicing, bill management, expense management, workflow management, payroll and time tracking. As of Sep 2019, it had 161,904 paying customers and an ARR of JPY5.7bn. It’s ERP platform consists primarily of two core solutions: Accounting freee and HR freee.Freee was founded by an ex-Google employee and counts <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> and <a href="https://www.smartkarma.com/entities/line-corp" target="_blank" data-smartkarma-citation="entities:22772:1" rel="noopener">LINE Corp (3938 JP)</a> amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. Furthermore, it has been growing fast through a combination of acquiring new customers and increasing ARPU. Although, it still remains far from being able to break even.However, the company hasn’t provided a lot of the traditional SaaS metrics data. It has also modified some of the definitions to suit its own presentation needs. Hence, it’s not easy or straightforward to paint an accurate picture of how the company’s operations have been faring.

freee K.K. (freee) aims to raise around US$300m in its mothers listing in Japan.Freee offers a cloud-native ERP platform encompassing a broad range of functions including accounting, invoicing, bill management, expense management, workflow management, payroll and time tracking. As of Sep 2019, it had 161,904 paying customers and an ARR of JPY5.7bn. It’s ERP platform consists primarily of two core solutions: Accounting freee and HR freee.Freee was founded by an ex-Google employee and counts Recruit Holdings (6098 JP) and LINE Corp (3938 JP) amongst its shareholders. It also operates in the SaaS segment and hence, is likely to draw ample attention. Furthermore, it has been growing fast through a combination of acquiring new customers and increasing ARPU. Although, it still remains far from being able to break even.However, the company hasn’t provided a lot of the traditional SaaS metrics data. It has also modified some of the definitions to suit its own presentation needs. Hence, it’s not easy or straightforward to paint an accurate picture of how the company’s operations have been faring. 

Freee Pre-IPO - Has Been Growing Fast but Missing Data Points Leave Quite a Few Niggling Doubts

Japan

freee K.K. develops software products. The Company produces cloud based accounting softwares, automatic online accounting systems, and other products. freee provides its services throughout Japan.

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Freee KK (4478 JP)

Freee K. K. Pre-IPO - The Battle Is Far from Over

Freee (4478 JP) (freee) aims to raise around US$300m in its mothers listing in Japan. Freee was founded by an ex-Google employee and counts Recruit...

Sumeet Singh

Freee Pre-IPO - Has Been Growing Fast but Missing Data Points Leave Quite a Few Niggling Doubts

freee K.K. (freee) aims to raise around US$300m in its mothers listing in Japan.Freee offers a cloud-native ERP platform encompassing a broad range...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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