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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
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
Underlying
Agora Inc.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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