Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

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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

Cloopen Group Holding Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/cloopen-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:31315:1" rel="noopener">Cloopen Group Holding Ltd (RAAS US)</a>  provides cloud-based communication solutions that include communications platform as a service (CPaaS), Cloud-based contact centers (CC) and cloud-based unified communications and collaborations (UC&amp;C).The company has set the terms for its IPO, where it plans to issue 20m ADSs at an indicative IPO price range of US$13-15 per ADS. At the midpoint of the IPO price range of US$14 per share, the company will raise net proceeds of US$258.4m at a market capitalisation of US$2.2bn.<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 129.0pt;">Yatsen Holding IPO Details</td></tr>
<tr>
<td style="width: 79.0pt;">No. of ADSs Issued</td>
<td style="width: 50.0pt;">20,000,000</td>
</tr>
<tr>
<td style="width: 79.0pt;">Ordinary Shares per ADS</td>
<td style="width: 50.0pt;">2</td>
</tr>
<tr>
<td style="width: 79.0pt;">Shares Outstanding Post IPO (m)</td>
<td style="width: 50.0pt;">320</td>
</tr>
<tr>
<td style="width: 79.0pt;">Offer as a % of Outstanding Shares</td>
<td style="width: 50.0pt;">12.51%</td>
</tr>
<tr>
<td style="width: 79.0pt;">Price per ADS (US$)</td>
<td style="width: 50.0pt;">13-15</td>
</tr>
<tr>
<td style="width: 79.0pt;">Net Proceeds from IPO (US$m)</td>
<td style="width: 50.0pt;">258.4</td>
</tr>
<tr>
<td style="width: 79.0pt;">Market Capitalisation (US$m)</td>
<td style="width: 50.0pt;">                             2,237.8</td>
</tr>
<tr>
<td style="width: 79.0pt;">Enterprise Value (US$m)</td>
<td style="width: 50.0pt;">                           1,990.12</td>
</tr>
</tbody></table> Source: Company Disclosures, LSR (Net proceeds, market cap and EV are at the midpoint of the IPO price of US$14 per share, EV is after adjusting for net cash as of 30th September 2020 and net IPO proceeds)Cloopen expects to utilise the net IPO proceeds on enhancing and upgrading its existing solutions while also upgrading new solutions, investing on new technologies such as video and artificial intelligence, pursuing new business initiatives such as acquisitions and for other working capital and general corporate purposes.

Cloopen Group Holding Ltd (RAAS US)  provides cloud-based communication solutions that include communications platform as a service (CPaaS), Cloud-based contact centers (CC) and cloud-based unified communications and collaborations (UC&amp;C).The company has set the terms for its IPO, where it plans to issue 20m ADSs at an indicative IPO price range of US$13-15 per ADS. At the midpoint of the IPO price range of US$14 per share, the company will raise net proceeds of US$258.4m at a market capitalisation of US$2.2bn.
Yatsen Holding IPO Details

No. of ADSs Issued
20,000,000


Ordinary Shares per ADS
2


Shares Outstanding Post IPO (m)
320


Offer as a % of Outstanding Shares
12.51%


Price per ADS (US$)
13-15


Net Proceeds from IPO (US$m)
258.4


Market Capitalisation (US$m)
                             2,237.8


Enterprise Value (US$m)
                           1,990.12

 Source: Company Disclosures, LSR (Net proceeds, market cap and EV are at the midpoint of the IPO price of US$14 per share, EV is after adjusting for net cash as of 30th September 2020 and net IPO proceeds)Cloopen expects to utilise the net IPO proceeds on enhancing and upgrading its existing solutions while also upgrading new solutions, investing on new technologies such as video and artificial intelligence, pursuing new business initiatives such as acquisitions and for other working capital and general corporate purposes.

Cloopen Group Holding Ltd

Cloopen Group IPO: Appealing Valuation