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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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

Full Truck Alliance   / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/full-truck-alliance" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance (YMM US)</a>  has announced the indicative price range for its US IPO and the company is planning to sell 82.5 ADSs (7.6% of the ordinary shares outstanding) at an indicative price range of US$17-19 per ADS. In addition, Ontario Teachers’ Pension Plan Board and an entity affiliated with Mubadala Investment have agreed to purchase US$100m each of the company’s ordinary shares at a concurrent private placement.At the midpoint of the IPO price of US$18 per ADS, the company will raise net proceeds of US$1,620.7m (each ADS represents 20 ordinary shares of the company) from the IPO and the concurrent private placement at a market capitalisation of US$19.6bn and a post-money enterprise value of US$15.1bn.One of Full Truck Alliance's (FTA) existing shareholders, Fidelity International (US$100m) and Invesco Ltd. (US$500m) have agreed to purchase up to US$600m of the ADSs offered at this IPO (about 40% of the gross proceeds at the midpoint of the IPO price). FTA plans to use 40% of net proceeds from the IPO and concurrent private placement on infrastructure development and technology innovation, another 40% on expanding its offerings and the remaining net proceeds on general corporate purposes.

Full Truck Alliance (YMM US)  has announced the indicative price range for its US IPO and the company is planning to sell 82.5 ADSs (7.6% of the ordinary shares outstanding) at an indicative price range of US$17-19 per ADS. In addition, Ontario Teachers’ Pension Plan Board and an entity affiliated with Mubadala Investment have agreed to purchase US$100m each of the company’s ordinary shares at a concurrent private placement.At the midpoint of the IPO price of US$18 per ADS, the company will raise net proceeds of US$1,620.7m (each ADS represents 20 ordinary shares of the company) from the IPO and the concurrent private placement at a market capitalisation of US$19.6bn and a post-money enterprise value of US$15.1bn.One of Full Truck Alliance's (FTA) existing shareholders, Fidelity International (US$100m) and Invesco Ltd. (US$500m) have agreed to purchase up to US$600m of the ADSs offered at this IPO (about 40% of the gross proceeds at the midpoint of the IPO price). FTA plans to use 40% of net proceeds from the IPO and concurrent private placement on infrastructure development and technology innovation, another 40% on expanding its offerings and the remaining net proceeds on general corporate purposes.

Full Truck Alliance IPO: Peer Comparison and Valuation