SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

<ul><li>The SPAC market has been down and out in 2022, with few high-quality deals.</li><li>However, things appear to be changing, with rumours surfacing that three SPACs are fighting to take the words largest EdTech startup public.</li><li>If the company makes a debut at a $50 billion valuation, there will be very little room for error, leaving room for far more downside than upside.</li></ul>

The SPAC market has been down and out in 2022, with few high-quality deals.However, things appear to be changing, with rumours surfacing that three SPACs are fighting to take the words largest EdTech startup public.If the company makes a debut at a $50 billion valuation, there will be very little room for error, leaving room for far more downside than upside.

This $50 Billion SPAC Deal Has Several Red Flags

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

<ul><li>Founder SPAC (FOUN: warrants +31.25%) &amp; Rubicon Technologies (Valuation: $1.7B EV)</li><li>North Atlantic Acquisition Corporation (NAAC— after-hours deal) &amp; TeleSign (Valuation: $1.3B EV)</li><li>India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal</li></ul>

Founder SPAC (FOUN: warrants +31.25%) &amp; Rubicon Technologies (Valuation: $1.7B EV)North Atlantic Acquisition Corporation (NAAC— after-hours deal) &amp; TeleSign (Valuation: $1.3B EV)India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

In this multi-part series, we discuss some of the upcoming and most recent tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought.
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 
This insight focuses on <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>, India's most valued ed-tech unicorn.

In this multi-part series, we discuss some of the upcoming and most recent tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought.
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 
This insight focuses on BYJU'S (1391510D IN), India's most valued ed-tech unicorn. 

India Tech IPOs | Where Do You Go? | BYJU's - Shopping Its Way to Glory

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/232/788/original/image_19843735021632971070220.png?1632971071" class="editor-image img-responsive" data-smartkarma-image-id="232788"></figure>
<h2>Where do we go?</h2>
In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. 
Companies covered in this Insight are <a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>; <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>; <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN) </a>and <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a> 
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 
<div class="content-highlight">
NB: This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. 
</div>


Where do we go?
In this multi-part series, we discuss some of the upcoming tech IPOs from India.  The focus is on the narrative and not much on the numbers, as numbers are available to all. Our commentary is based on candid, anecdotal observations and is presented as an alternative food for thought. 
Companies covered in this Insight are Paytm (PAYTM IN); BYJU'S (1391510D IN); FSN E-Commerce Ventures (Nykaa) (1003622D IN) and Flipkart Online Services (1398508D IN) 
Topics covered include History, Operating metrics, Profitability, Regulatory environment and impact on the business model, What makes them Unique along with some forward-looking estimates and catalysts where available. 

NB: This is a multi-part insight in order to improve readability as the companies covered represent different industries and each of them may attract different types of investors. 


India Tech IPOs | Where Do You Go? | Paytm - Second Life

Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Event-Driven

China-based after-school tutoring stocks saw the bulk of their equity value evaporate as authorities decided to turn the regulatory heat on this sector and also requiring the players to operate as non-profits. As the after-tremors of this move reverberate across the investment space, are the multibillion-dollar valuations of India's rapidly growing edtech players at risk? Well-known private equity players ranging from Sequoia Capital to Tiger Global have invested in India's fast-growing online education players - notably, <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>  (valued at USD16.5 Bn) and Unacademy (valued at USD 2Bn) amongst others.In this insight, we discuss if India's rapidly growing online education sector is vulnerable to regulatory risks similar to that faced by after-school tutoring companies in China and how this could potentially affect large online tutoring players like Byju's and Unacademy. We also look at leading investors in this space - and how they could be impacted.

China-based after-school tutoring stocks saw the bulk of their equity value evaporate as authorities decided to turn the regulatory heat on this sector and also requiring the players to operate as non-profits. As the after-tremors of this move reverberate across the investment space, are the multibillion-dollar valuations of India's rapidly growing edtech players at risk? Well-known private equity players ranging from Sequoia Capital to Tiger Global have invested in India's fast-growing online education players - notably, BYJU'S (1391510D IN)  (valued at USD16.5 Bn) and Unacademy (valued at USD 2Bn) amongst others.In this insight, we discuss if India's rapidly growing online education sector is vulnerable to regulatory risks similar to that faced by after-school tutoring companies in China and how this could potentially affect large online tutoring players like Byju's and Unacademy. We also look at leading investors in this space - and how they could be impacted.

Can After Tremors of the China Tutoring Sector Shakeup Impact India EdTech?

India

Think & Learn Pvt Ltd, doing business as BYJU, provides online educational services. The Company offers technology based education platform for primary and secondary school subjects, overseas and domestic test preparation courses, engineering, medicine, and more. BYJU operates in India.

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BYJU'S (1391510D IN)

This $50 Billion SPAC Deal Has Several Red Flags

The SPAC market has been down and out in 2022, with few high-quality deals. However, things appear to be changing, with rumours surfacing...

subSPAC

The Nightcap from SPAC Track

Founder SPAC (FOUN: warrants +31.25%) & Rubicon Technologies (Valuation: $1.7B EV) North Atlantic Acquisition Corporation (NAAC— after-hours...

SPAC Track

India Tech IPOs | Where Do You Go? | BYJU's - Shopping Its Way to Glory

This insight focuses on BYJU'S (1391510D IN), India's most valued ed-tech unicorn. We disagree with two of BYJU'S state operating metrics and...

Pranav Bhavsar

India Tech IPOs | Where Do You Go? | Paytm - Second Life

In this multi-part series, we discuss upcoming and most recent tech IPOs from India. The focus is based on candid, anecdotal observations and is...

Pranav Bhavsar

Can After Tremors of the China Tutoring Sector Shakeup Impact India EdTech?

Assess the vulnerability of online education players in India to regulatory risks given China after-school-tutoring players' experience. Should...

Devi Subhakesan

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