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EUR 85.33
For Business Accounts Only
MTI is a pure play SaaS provider. It has adopted a freemium model for most of its products. Therefore, along with a paid subscription, MTI also provides a free version of its products. As of Mar 21, it had 20,806 enterprise customers across different industry verticals. In addition, it also served over 240,000 and 89,000 paying individuals over FY20 and 1Q21. MTI had a 56.5% market share in the residential cloud-based DDC software market in China.
MTI’s revenue grew by 25.2% in 2020 and another 33.3% in 1Q21, while its gross profit has broadly kept pace with its revenue growth. However, the company has shown no signs of turning a profit and margins have shown no signs of improvement either.
Furthermore, while the company appears to be doing well with its key accounts, it hasn’t been doing so well with the remaining accounts where revenue per client has either been flattish or declining.
Manycore Tech Inc. Pre-IPO
Manycore Tech Inc. (MTI), the world’s largest platform for 3D interior design, decoration and construction, aims to raise at least US$100m in its US IPO. The company is backed by IDG, GGV and Hillhouse.MTI is a pure play SaaS provider. It has adopted a freemium model for most of its products. Therefore, along with a paid subscription, MTI also provides a free version of its products. As of Mar 21, it had 20,806 enterprise customers across different industry verticals. In addition, it also served over 240,000 and 89,000 paying individuals over FY20 and 1Q21. MTI had a 56.5% market share in the residential cloud-based DDC software market in China.
MTI’s revenue grew by 25.2% in 2020 and another 33.3% in 1Q21, while its gross profit has broadly kept pace with its revenue growth. However, the company has shown no signs of turning a profit and margins have shown no signs of improvement either.
Furthermore, while the company appears to be doing well with its key accounts, it hasn’t been doing so well with the remaining accounts where revenue per client has either been flattish or declining.
Underlying
MANYCORE TECH 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.
Sumeet Singh
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