Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Uber Pre-IPO - Big on Ambition, Low on Disclosures

Dida Pre-IPO - Making Hay While Big Brother Retreats

Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability

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

<div><p><a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (DIDA HK)</a> (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.</p></div><div><p>Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. </p></div><div><p>We’ve covered the background of the company in our previous notes, <a href="https://www.smartkarma.com/insights/dida-pre-ipo-making-hay-while-big-brother-retreats" target="_blank" rel="noopener">Dida Pre-IPO - Making hay while big brother retreats</a> and <a href="https://www.smartkarma.com/insights/dida-pre-ipo-peer-comparison-lagging-in-scale-leading-in-profitability" target="_blank" rel="noopener">Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability</a>.</p></div><div><p>In this note, we will talk about forecasts and valuation.</p></div>

Dida (DIDA HK) (Dida), a technology driven mobility platform in China, aims to raise around US$400m in its Hong Kong IPO. The company is backed by JD.com, Hillhouse, Ctrip, Bitauto and a host of other investors.Dida claims to operate the largest carpooling marketplace in China with a market share of 66.5% in terms of the number of carpooling rides in 2019, as per Frost &amp; Sullivan (F&amp;S) report. Over 2017-19, Dida’s total revenue increased by 11.87x. Revenue was up another 66% over 6M20. Revenue coming from carpooling has grown 19x over 2017 to 2019 and was up another 66% over 6M20. We’ve covered the background of the company in our previous notes, Dida Pre-IPO - Making hay while big brother retreats and Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability.In this note, we will talk about forecasts and valuation.

Dida Pre-IPO - Earnings Forecast and First Stab at Valuation