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Equity Analyst, LightStream Research

Supun Walpola

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.

Equity Capital Markets

<ul><li>
<a href="https://www.smartkarma.com/entities/ant-financial-services-group" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Group (1051260D CH)</a> has priced the Hong Kong leg of its IPO at HKD 80.00 per share. At this price, Ant’s dual-listing will raise around USD 34bn, and value the company at a market cap of around USD 313bn. </li></ul><ul>
<li>As we had anticipated in our previous note, <a href="https://www.smartkarma.com/insights/ant-group-ipo-a-good-bargain-against-global-fintech-peers-with-healthy-short-term-upside-potential" target="_blank" data-smartkarma-citation="insights:43906" rel="noopener">Ant Group IPO: A Good Bargain Against Global Fintech Peers with Healthy Short-Term Upside Potential</a>, Ant’s IPO valuation is significantly above the initially rumoured valuation of USD 250bn. </li>
<li>In this note, we present our final thoughts on Ant’s IPO pricing, based on a SOTP valuation.</li>
</ul>


Ant Group (1051260D CH) has priced the Hong Kong leg of its IPO at HKD 80.00 per share. At this price, Ant’s dual-listing will raise around USD 34bn, and value the company at a market cap of around USD 313bn. 
As we had anticipated in our previous note, Ant Group IPO: A Good Bargain Against Global Fintech Peers with Healthy Short-Term Upside Potential, Ant’s IPO valuation is significantly above the initially rumoured valuation of USD 250bn. 
In this note, we present our final thoughts on Ant’s IPO pricing, based on a SOTP valuation.


Ant Group IPO: More Upside to the IPO Valuation