APAC IPOs & Placements

Zhen Zhou, Toh

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

Smart Share Global / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/energy-monster" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price range. </p>
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<p>SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.</p>
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<p>In this note, we look at deal dynamics and provide an update on valuation.</p>
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<p>Our previous coverage of the IPO:</p>
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<ul style="list-style-type: disc;">
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-growing-fast-and-is-profitable-but-competition-is-picking-up" target="_blank" data-smartkarma-citation="insights:49349" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-rent-a-power-bank-on-the-ground" target="_blank" data-smartkarma-citation="insights:49438" rel="noopener">Smart Share Global (怪兽充电): Rent A Power Bank on the Ground</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-pulling-ahead-in-a-highly-competitive-landscape" target="_blank" data-smartkarma-citation="insights:49585" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-forecasts-assumptions-and-valuation" target="_blank" data-smartkarma-citation="insights:49653" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation</a> </li>
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<a href="https://www.smartkarma.com/insights/smart-share-global-ipo-overcharged" target="_blank" data-smartkarma-citation="insights:49807" rel="noopener">Smart Share Global (怪兽充电) IPO - Overcharged</a> </li>
</ul>
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Smart Share Global (EM US) (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price range. 


SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.


In this note, we look at deal dynamics and provide an update on valuation.


Our previous coverage of the IPO:




Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up 

Smart Share Global (怪兽充电): Rent A Power Bank on the Ground 

Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape 

Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation 

Smart Share Global (怪兽充电) IPO - Overcharged 



Smart Share Global (怪兽充电) IPO Trading - Cheaper Now but Still May Not Be Enough

<div><p><a href="https://www.smartkarma.com/entities/energy-monster" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.</p></div><div><p>SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.</p></div><div><p>In this note, we will share our forecast, assumptions, and thoughts on valuation. </p></div><div><p>Our previous coverage of the IPO:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-growing-fast-and-is-profitable-but-competition-is-picking-up" target="_blank" data-smartkarma-citation="insights:49349" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-rent-a-power-bank-on-the-ground" target="_blank" data-smartkarma-citation="insights:49438" rel="noopener">Smart Share Global (怪兽充电): Rent A Power Bank on the Ground</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/smart-share-global-pre-ipo-pulling-ahead-in-a-highly-competitive-landscape" target="_blank" data-smartkarma-citation="insights:49585" rel="noopener">Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape</a> </li>
</ul></div>

Smart Share Global (EM US) (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO.SSG is a consumer tech company that provides mobile device charging service through online and offline networks. The company is the largest mobile device charging service provider in China in terms of 2020 gross revenue.In this note, we will share our forecast, assumptions, and thoughts on valuation. Our previous coverage of the IPO:

Smart Share Global (怪兽充电) Pre-IPO - Growing Fast and Is Profitable but Competition Is Picking Up 

Smart Share Global (怪兽充电): Rent A Power Bank on the Ground 

Smart Share Global (怪兽充电) Pre-IPO - Pulling Ahead in a Highly Competitive Landscape 


Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Softbank shares have returned to the pre-Coupang levels of early February, driven by increasing concerns about the value of the Vision Fund portfolio that remains private.  Number one on the list is the potential for second-order effects from the Greensill bankruptcy which not only cost Vision Fund $1.5bn in lost equity but also includes a further $1.2bn in debt exposure and a potential cash squeeze for other Vision Fund companies that were also clients.</p>

Softbank shares have returned to the pre-Coupang levels of early February, driven by increasing concerns about the value of the Vision Fund portfolio that remains private.  Number one on the list is the potential for second-order effects from the Greensill bankruptcy which not only cost Vision Fund $1.5bn in lost equity but also includes a further $1.2bn in debt exposure and a potential cash squeeze for other Vision Fund companies that were also clients.

Softbank Group - Concerns on the Value of Private Vision Fund Assets Re-Surface

Independent Research, Food Delivery Space, Newmoon Capital

Newmoon Capital

Independent Research, Food Delivery Space

We look for owner-operators in what we believe are either highly defensible assets or soon to be highly defensible assets, trading at a fraction of their future potential.

Private Capital Markets

<p>Judging from the twitter DMs, several of my points from my previous post have gone over the head of some investors, particularly the one around Signature (white label delivery). Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10 chains represent 35% of ALL UK orders. Some of such chains include Nando’s, Wagamama, and McDonalds. The top 100 chains could easily be more than 50% of the UK business, if not much more. This is the case (if not moreso) for Uber Eats, and less the case for $TKWY.</p>

Judging from the twitter DMs, several of my points from my previous post have gone over the head of some investors, particularly the one around Signature (white label delivery). Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10 chains represent 35% of ALL UK orders. Some of such chains include Nando’s, Wagamama, and McDonalds. The top 100 chains could easily be more than 50% of the UK business, if not much more. This is the case (if not moreso) for Uber Eats, and less the case for $TKWY.

Deliveroo Part 6 - White Label Killed the Delivery Star

<p>Coupang’s monster IPO is very likely to be the highlight of Vision Fund 1 and provides a solid counterpoint to the WeWork debacle early in the IPO cycle but there remains a significant number of portfolio companies still to come. At Q3 results, Softbank talked about an ongoing parade of companies coming to market with 10-15 annual events but there is a push to get companies to list whilst markets are still receptive and FY21 could see up to 20 companies hit public markets.</p><p>That is positive for Softbank shares which tend to rise in anticipation of surfaced value, again assuming the IPO market remains open. It also serves to highlight the main risk for Softbank shares as a sustained tech sell-off would lower the value of the Vision Fund portfolio, increase concerns about Northstar and lower expectations for the current crop of IPO hopefuls.</p><h2><strong>Highlights</strong></h2><p><strong>Softbank Vision Fund could see up to 20 companies hitting public markets 2021 should favorable conditions continue. </strong>Vision Fund says it is encouraging companies to go public whilst conditions are still receptive and Q4 (Mar) can already boast of two listings, a SPAC merger and two more listings in process. Leading candidates to go public include Didi Chuxing and Grab</p><p><strong>Coupang upside alone doubles total returns and will boost Vision Fund to its best quarter ever.  </strong>As of mid-March, Vision Fund’s public portfolio is up $27bn versus $13bn in Q2, $8bn in Q2 and $2bn in Q1. On the aggregate, it more than doubles the Vision Fund total return </p><p><strong>There may upside in the private portfolio too as Cruise raised funds in January at a 58% premium</strong>. It is usually a mug’s game trying to figure out where private valuations will end up but the Cruise stake is large enough to outweigh a lot of smaller changes for other portfolio companies. Cruise raised $2bn in January at a $30bn valuation, a 58% premium to where Softbank invested and a possible $1.3bn unrealized gain ($2.25bn &gt; $3.55bn)</p><p><strong>Portfolio company View went public through a SPAC merger but at an apparent loss for Vision Fund</strong>.  Smart glass maker View’s SPAC merger closed 9 March, the day before the Coupang IPO but it appears Softbank’s original $1.1bn investment is worth barely half that. That is a fraction of the Coupang upside but is a reminder that valuations can go both ways. Other problem investments include Greensill, Katerra, Oyo and OakNorth</p>

Coupang’s monster IPO is very likely to be the highlight of Vision Fund 1 and provides a solid counterpoint to the WeWork debacle early in the IPO cycle but there remains a significant number of portfolio companies still to come. At Q3 results, Softbank talked about an ongoing parade of companies coming to market with 10-15 annual events but there is a push to get companies to list whilst markets are still receptive and FY21 could see up to 20 companies hit public markets.That is positive for Softbank shares which tend to rise in anticipation of surfaced value, again assuming the IPO market remains open. It also serves to highlight the main risk for Softbank shares as a sustained tech sell-off would lower the value of the Vision Fund portfolio, increase concerns about Northstar and lower expectations for the current crop of IPO hopefuls.HighlightsSoftbank Vision Fund could see up to 20 companies hitting public markets 2021 should favorable conditions continue. Vision Fund says it is encouraging companies to go public whilst conditions are still receptive and Q4 (Mar) can already boast of two listings, a SPAC merger and two more listings in process. Leading candidates to go public include Didi Chuxing and GrabCoupang upside alone doubles total returns and will boost Vision Fund to its best quarter ever.  As of mid-March, Vision Fund’s public portfolio is up $27bn versus $13bn in Q2, $8bn in Q2 and $2bn in Q1. On the aggregate, it more than doubles the Vision Fund total return There may upside in the private portfolio too as Cruise raised funds in January at a 58% premium. It is usually a mug’s game trying to figure out where private valuations will end up but the Cruise stake is large enough to outweigh a lot of smaller changes for other portfolio companies. Cruise raised $2bn in January at a $30bn valuation, a 58% premium to where Softbank invested and a possible $1.3bn unrealized gain ($2.25bn &gt; $3.55bn)Portfolio company View went public through a SPAC merger but at an apparent loss for Vision Fund.  Smart glass maker View’s SPAC merger closed 9 March, the day before the Coupang IPO but it appears Softbank’s original $1.1bn investment is worth barely half that. That is a fraction of the Coupang upside but is a reminder that valuations can go both ways. Other problem investments include Greensill, Katerra, Oyo and OakNorth

Softbank Group - Vision Fund’s Race to Liquidity

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Softbank Group - Concerns on the Value of Private Vision Fund Assets Re-Surface

Softbank shares have returned to the pre-Coupang levels of early February, driven by increasing concerns about the value of the Vision Fund...

Kirk Boodry

Deliveroo Part 6 - White Label Killed the Delivery Star

Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10...

Newmoon Capital

Softbank Group - Vision Fund’s Race to Liquidity

Vision Fund is pushing portfolio companies to go public (up to 20 this year!) which should help the discount but also depends a lot on how tech...

Kirk Boodry

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Smart Share Global (怪兽充电) IPO Trading - Cheaper Now but Still May Not Be Enough

Smart Share Global (EM US) (SSG), also known as Energy Monster, raised about US$150m at US$8.50 per ADS, below the bottom-end of its initial price...

Zhen Zhou, Toh

Smart Share Global (怪兽充电) Pre-IPO - Forecasts, Assumptions, and Valuation

Smart Share Global (EM US) (SSG), also known as Energy Monster, is looking to raise US$300m in its upcoming U.S. IPO. In this note, we will share...

Zhen Zhou, Toh

Softbank Group - Concerns on the Value of Private Vision Fund Assets Re-Surface

Softbank shares have returned to the pre-Coupang levels of early February, driven by increasing concerns about the value of the Vision Fund...

Kirk Boodry

Deliveroo Part 6 - White Label Killed the Delivery Star

Deliveroo is at risk of getting disrupted because a large proportion of its orders/sales are from a small selection of chain restaurants — 10...

Newmoon Capital

Softbank Group - Vision Fund’s Race to Liquidity

Vision Fund is pushing portfolio companies to go public (up to 20 this year!) which should help the discount but also depends a lot on how tech...

Kirk Boodry