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

<a href="https://www.smartkarma.com/entities/agora-inc" target="_blank" data-smartkarma-citation="entities:29037:1" rel="noopener">Agora Inc. (API US)</a>  is looking to raise up to US$431m in its upcoming IPO with concurrent placement.The company runs a platform that provides developers with Application Programming Interfaces (API) to embed real-time video, voice and messaging functionalities into their application without having to build it from scratch themselves. We think that the lack of disclosure and potentially high churn of customers (mentioned in previous note) are causes of concern that the current valuation at IPO price range do not account for.In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.Our earlier coverage of the IPO: <a href="https://www.smartkarma.com/insights/agora-pre-ipo-voicing-out-concerns-on-data-disclosure" target="_blank" data-smartkarma-citation="insights:40273" rel="noopener">Agora Pre-IPO - Voicing Out Concerns on Data Disclosure</a>

Agora Inc. (API US)  is looking to raise up to US$431m in its upcoming IPO with concurrent placement.The company runs a platform that provides developers with Application Programming Interfaces (API) to embed real-time video, voice and messaging functionalities into their application without having to build it from scratch themselves. We think that the lack of disclosure and potentially high churn of customers (mentioned in previous note) are causes of concern that the current valuation at IPO price range do not account for.In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.Our earlier coverage of the IPO: Agora Pre-IPO - Voicing Out Concerns on Data Disclosure 

Agora Inc. IPO - Same Issues at Unattractive Valuation