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

Global Digital Niaga Tbk PT / Equity Capital Markets

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<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.


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>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

<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 this note, we'll talk about the not-so-positive aspects of the deal.</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 this note, we'll talk about the not-so-positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

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<li>
<a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> aims to raise around US$500m in its Hong Kong IPO.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.</li>
</ul>



Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.


Giant Biogene Pre-IPO - Thoughts on Valuation

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<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener"> PT Global Digital Trade (1437710D IJ)</a>  (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 this note, we'll talk about the positive aspects of the deal.</li>
</ul>



 PT Global Digital Trade (1437710D IJ)  (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 this note, we'll talk about the positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

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

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

PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

Giant Biogene Pre-IPO - Thoughts on Valuation

Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

BliBli aims to raise up to US$530m in its Indonesian IPO, the company provides ecommerce and travel services in Indonesia. In this note, we talk...

Sumeet Singh

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