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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.</li>
<li>Hesai is a global leader in LiDAR technology for autonomous driving and ADAS. In the ADAS market, Hesai is the global leader in terms of shipment volume in 2022.</li>
<li>The key elements of the bull case rest on a solid competitive positioning, large addressable markets, high growth and a strong balance sheet.</li>
</ul>



Hesai Group (HSAI US) has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.
Hesai is a global leader in LiDAR technology for autonomous driving and ADAS. In the ADAS market, Hesai is the global leader in terms of shipment volume in 2022.
The key elements of the bull case rest on a solid competitive positioning, large addressable markets, high growth and a strong balance sheet.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> , a global leader in LiDAR technology for autonomous driving and ADAS, filed for a $100M placeholder IPO with Goldman Sachs and Morgan Stanley leading the offering.</li>
<li>The company’s last round was a $70M Series D+ at a $3B pre-money valuation, implying EV/LTM Rev multiple of 19x today, a significant premium to comparable companies in the space.</li>
<li>We remain cautious about buying into the <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a>  IPO due to rich valuation, negative free cash flows, loss-making business, intense competition, and developments in alternative technologies.</li>
</ul>



Hesai Group (HSAI US) , a global leader in LiDAR technology for autonomous driving and ADAS, filed for a $100M placeholder IPO with Goldman Sachs and Morgan Stanley leading the offering.
The company’s last round was a $70M Series D+ at a $3B pre-money valuation, implying EV/LTM Rev multiple of 19x today, a significant premium to comparable companies in the space.
We remain cautious about buying into the Hesai Group (HSAI US)  IPO due to rich valuation, negative free cash flows, loss-making business, intense competition, and developments in alternative technologies.


Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?

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.

<ul><li>When Chamath Palihapitiya announced that he was backing auto-insurance startup Metromile, he compared it with Buffet’s purchase of Geico.</li><li>Metromile merged with INSU Acquisition Corp II in February 2021 in a deal that valued the insure tech firm at $1.3 billion</li><li>This transaction has likely set a precedent for De-SPACs that may have gone public at lofty valuations, yet still have strong fundamentals at its core</li></ul>

When Chamath Palihapitiya announced that he was backing auto-insurance startup Metromile, he compared it with Buffet’s purchase of Geico.Metromile merged with INSU Acquisition Corp II in February 2021 in a deal that valued the insure tech firm at $1.3 billionThis transaction has likely set a precedent for De-SPACs that may have gone public at lofty valuations, yet still have strong fundamentals at its core

Three De-SPACs that Could Be Acquired Soon

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2><strong>Headline Developments</strong></h2><p>Steam, the video game distribution platform owned by Valve (private) , has released the long-rumoured handheld gaming device the Steam Deck; available from December (although big delays are expected with the premium $649 512GB version not available until 3Q22!).</p>

Headline DevelopmentsSteam, the video game distribution platform owned by Valve (private) , has released the long-rumoured handheld gaming device the Steam Deck; available from December (although big delays are expected with the premium $649 512GB version not available until 3Q22!).

<p>Headline Developments SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit - the first launch with a reused rocket.  The launch of the GPS III SV05 for Space Force (below) will take place using the same Falcon 9 rocket booster that launched GPS III SV04 last November.</p>

Headline Developments SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit - the first launch with a reused rocket.  The launch of the GPS III SV05 for Space Force (below) will take place using the same Falcon 9 rocket booster that launched GPS III SV04 last November.

United States

Velodyne Lidar, Inc. operates as an automotive technology company. The Company develops silicon valley-based lidar technology company spun off from velodyne acoustics. Velodyne Lidar serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Velodyne Lidar Inc (VLDR US)

Hesai Group IPO: The Bull Case

The key elements of the bull case rest on a solid competitive positioning, large addressable markets, high growth and a strong balance sheet.

Arun George

Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?

We remain very cautious about buying into the upcoming Hesai Group IPO and believe the stock may present investors with a better entry point later...

Andrei Zakharov

Three De-SPACs that Could Be Acquired Soon

When Chamath Palihapitiya announced that he was backing auto-insurance startup Metromile, he compared it with Buffet’s purchase of Geico.

subSPAC

Weekly Innovation Review (WIRE) #41

Headline Developments: Steam , the video game distribution platform owned by Valve (private), has released the long-rumoured handheld gaming device...

Granite Bay Capital

Weekly Innovation Review (WIRE) #36

Headline Developments: SpaceX (private) is set to launch The Pentagon’s next-generation national security satellite to orbit.

Granite Bay Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)