APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO. </li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.  </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. 
Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.  
In this note, we talk about the company’s historical performance.


Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during  one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul>


The EU has just launched the World's first AI Act
OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during  one of its training phases. 
Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future


Generative AI. Innovation Turns To Litigation, Licensing & Regulation

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)</li>
<li>3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)</li>
<li>700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  </li>
</ul>


BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)
3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)
700 HK/259960 KRX:The development team of &lt;PUBG&gt; has unveiled its major game update plan for 2024.(+)  


[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.</li>
<li>I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.</li>
<li>I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.</li>
</ul>


According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.
I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.
I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.


Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024

<ul>
<li>Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.</li>
<li>Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.</li>
<li>They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.</li>
</ul>


Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.
Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.
They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.


Reddit IPO: The Right Time To Go Public At A Reasonable Valuation

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable

Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. In this note, we talk about the company’s historical performance.

Ethan Aw

Generative AI. Innovation Turns To Litigation, Licensing & Regulation

EU has launched the World's first AI Act. OpenAI claims the NYT hacked ChatGPT in order to prove they used their archive material during its...

William Keating

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024

I see upside for Reddit shares and my implied equity value of ~$9.6B represents ~50% upside vs. expected IPO price range of $31 to $34 per share at...

Andrei Zakharov

Reddit IPO: The Right Time To Go Public At A Reasonable Valuation

Reddit, an American iconic internet company, filed to go public. Given their massive TAM, loyal communities and scalable business, Reddit is bound...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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Reddit IPO - Well-Known Brand but Sustainability of Growth Is Questionable

Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. In this note, we talk about the company’s historical performance.

Ethan Aw

Generative AI. Innovation Turns To Litigation, Licensing & Regulation

EU has launched the World's first AI Act. OpenAI claims the NYT hacked ChatGPT in order to prove they used their archive material during its...

William Keating

[Blue Lotus Daily - TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

​Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...

Blue Lotus Research Institute

Reddit IPO Valuation Analysis: $1B+ Revenue and Profitable Company in 2024

I see upside for Reddit shares and my implied equity value of ~$9.6B represents ~50% upside vs. expected IPO price range of $31 to $34 per share at...

Andrei Zakharov

Reddit IPO: The Right Time To Go Public At A Reasonable Valuation

Reddit, an American iconic internet company, filed to go public. Given their massive TAM, loyal communities and scalable business, Reddit is bound...

Andrei Zakharov

Major e-commerce platforms adjust algorithms for better merchant service, Meituan shifts to third-party operations, PUBG announces major game...