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

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered the company background in our earlier note, <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-tearsheet" target="_blank" rel="noopener">TDCX Inc. Pre-IPO Tearsheet.</a>In this note we will talk about the positives and negatives about the deal.

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered the company background in our earlier note, TDCX Inc. Pre-IPO Tearsheet.In this note we will talk about the positives and negatives about the deal.

TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> TDCX provides digital customer experience solutions for innovative technology and other blue-chip companies. The company’s solutions include omnichannel CX solutions, sales and digital marketing services, content monitoring and moderation services to a global client base that includes Facebook and Airbnb.The company has filed for an IPO to list its shares in the US and plans to raise proceeds of about US$400m. The company plans to use about US$180m of the net IPO proceeds for repaying its debt (obtained under the Credit Suisse Facility) while the remainder will be used for business expansion including into new markets.In this insight, we examine the company’s business model, segments, revenues, margins and the outlook on the company.

TDCX (TDCX US) TDCX provides digital customer experience solutions for innovative technology and other blue-chip companies. The company’s solutions include omnichannel CX solutions, sales and digital marketing services, content monitoring and moderation services to a global client base that includes Facebook and Airbnb.The company has filed for an IPO to list its shares in the US and plans to raise proceeds of about US$400m. The company plans to use about US$180m of the net IPO proceeds for repaying its debt (obtained under the Credit Suisse Facility) while the remainder will be used for business expansion including into new markets.In this insight, we examine the company’s business model, segments, revenues, margins and the outlook on the company.

TDCX IPO: Not a Typical Unprofitable Tech Services Company

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a> is looking to raise up to US$400m in its upcoming US IPO. The deal will be run by GS and CS.TDCX Inc. is a Singapore-headquartered digital customer experience (CX) provider that primarily caters outsourcing services to clients in new economy sectors and traditional blue-chip firms undergoing digital transformation. As of Jun 21, they serve 43 global clients and are on 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.

TDCX (TDCX US) is looking to raise up to US$400m in its upcoming US IPO. The deal will be run by GS and CS.TDCX Inc. is a Singapore-headquartered digital customer experience (CX) provider that primarily caters outsourcing services to clients in new economy sectors and traditional blue-chip firms undergoing digital transformation. As of Jun 21, they serve 43 global clients and are on 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.

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.

<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>, which is headquartered in Singapore, is a digital customer experience (CX) solutions provider for innovative technology and other blue-chip companies. TDCX has filed for an NYSE IPO to raise proceeds of $400 million, according to press reports. The IPO proceeds will be used to repay US$188.0 million of the Credit Suisse facility (related to the acquisition of the founder’s interests in TDCX KY) and to expand into new markets.The business Support Services (BSS) industry has moved from a focus on cost arbitrage solutions to driving business outcomes and creating value for customers. There remains a significant portion of higher value-added workstreams that remain reliant on human expertise as businesses continue to deal with customers who request more engaging experiences. CX services, which is a subset of the BSS industry, is forecasted to grow 6.6% CAGR from 2021 to 2025 to reach US$100.4 billion in 2025, according to Frost &amp; Sullivan. <div class="content-highlight">In a competitive market, TDCX’s differentiated value-added services are reflected in market share gains, high growth and sector-leading margin. The key risk is the high dependence on two customers, <a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a> and <a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (ABNB US)</a>. This customer risk is partly mitigated by long-standing relationships. Overall, we believe that TDCX’s fundamentals are attractive.</div>

TDCX (TDCX US), which is headquartered in Singapore, is a digital customer experience (CX) solutions provider for innovative technology and other blue-chip companies. TDCX has filed for an NYSE IPO to raise proceeds of $400 million, according to press reports. The IPO proceeds will be used to repay US$188.0 million of the Credit Suisse facility (related to the acquisition of the founder’s interests in TDCX KY) and to expand into new markets.The business Support Services (BSS) industry has moved from a focus on cost arbitrage solutions to driving business outcomes and creating value for customers. There remains a significant portion of higher value-added workstreams that remain reliant on human expertise as businesses continue to deal with customers who request more engaging experiences. CX services, which is a subset of the BSS industry, is forecasted to grow 6.6% CAGR from 2021 to 2025 to reach US$100.4 billion in 2025, according to Frost &amp; Sullivan. In a competitive market, TDCX’s differentiated value-added services are reflected in market share gains, high growth and sector-leading margin. The key risk is the high dependence on two customers, Facebook Inc A (FB US) and Airbnb Inc (ABNB US). This customer risk is partly mitigated by long-standing relationships. Overall, we believe that TDCX’s fundamentals are attractive.

United States

TDCX Inc. operates as a software company. The Company develops omnichannel CX solutions, as well as offers sales, digital marketing, content monitoring, and moderation services. TDCX serves customers worldwide.

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TDCX (TDCX US)

TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.

Sumeet Singh

TDCX IPO: Not a Typical Unprofitable Tech Services Company

Unlike a large number of tech and internet services companies that went for listing in the US and HK recently who had no clear path to profits,...

Shifara Samsudeen, ACMA, CGMA

TDCX Inc. Pre-IPO Tearsheet

TDCX (TDCX US) is looking to raise up to US$400m in its upcoming US IPO. The deal will be run by GS and CS. TDCX Inc. is a Singapore-headquartered...

Clarence Chu

TDCX IPO Initiation: Good Service

TDCX has filed for an NYSE IPO to raise proceeds of $400m. TDCX’s differentiated value-added services are reflected in market share gains, high...

Arun George

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