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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> confirmed that it is exploring a coordinated secondary offering of shares held by pre-IPO shareholders. The Series A shareholders’ lock-up expires on 30 November 2022. </li>
<li>The lock-up of 89.63% of the outstanding shares expires on 30 November. Within these shares, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> and <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> stakes are worth a combined US$2.6bn.</li>
<li>GoTo continues to grow but with material losses and cash burn. The shares are fairly valued but the sizeable secondary offering (US$1 billion based on reports) will pressure the price. </li>
</ul>



GoTo (GOTO IJ) confirmed that it is exploring a coordinated secondary offering of shares held by pre-IPO shareholders. The Series A shareholders’ lock-up expires on 30 November 2022. 
The lock-up of 89.63% of the outstanding shares expires on 30 November. Within these shares, Alibaba (ADR) (BABA US) and Softbank Group (9984 JP) stakes are worth a combined US$2.6bn.
GoTo continues to grow but with material losses and cash burn. The shares are fairly valued but the sizeable secondary offering (US$1 billion based on reports) will pressure the price. 


GoTo Lock-Up: A Sizeable Secondary Offering Incoming

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.

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.</li>
<li>There were a few placements this week, notable ones being <a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> and <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a>.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.
There were a few placements this week, notable ones being Mitsubishi Estate Logistics (3481 JP) and Zee Entertainment Enterprises (Z IN).


ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a>, a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/blibli-vs-tokopedia-vs-bukalapak-vs-lazada-vs-shopee" target="_blank" data-smartkarma-citation="insights:82473" rel="noopener">Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.</li>
</ul>



Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case and Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee. 
Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a>, a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a>.</li>
<li>In this note, we compare Blibli vs its peers' relevant businesses across monthly site visits, app downloads, social engagement, GTV, take rates and segmental margins.   </li>
</ul>



Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
We have previously discussed the IPO in Blibli IPO: The Bull Case and Blibli IPO: The Bear Case.
In this note, we compare Blibli vs its peers' relevant businesses across monthly site visits, app downloads, social engagement, GTV, take rates and segmental margins.   


Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.


PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

GoTo Lock-Up: A Sizeable Secondary Offering Incoming

The lock-up of 89.63% of shares expires on 30 November. The shares are fairly valued at the last close, but the sizeable secondary offering (US$1bn...

Arun George

ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Blibli IPO: Valuation Insights

Bookbuilding will close on 24 October. Our valuation analysis suggests that the IPO price range is unattractive. We would give the IPO a pass.

Arun George

Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee

In this note, we compare Blibli vs its peers' relevant businesses across monthly site visits, app downloads, social engagement, GTV, take rates and...

Arun George

PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)