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EUR 95.23
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As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used its recently launched membership BNPL service.
NPH has reported a steady growth in transaction volumes and revenue over the past few years, while its non-performing assets have been under control.
Although, its PATMI hasn’t really progressed much over the past few years. In addition, it appears to be losing market share and its take rate as well has been trending down. To add to it, its main backer, Advent PE has been on the exit trail since 2019 and hence, its remaining stake will create an overhang for the stock.
Net Protections Holdings IPO
Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions. NPH provides BNPL payment services for B2C and B2B transactions. As of Mar 21, it has facilitated over 300m transactions, including 66m in FY21. Its B2C BNPL service was used by 15.8m people annually, with another 4.9m people having used its recently launched membership BNPL service.
NPH has reported a steady growth in transaction volumes and revenue over the past few years, while its non-performing assets have been under control.
Although, its PATMI hasn’t really progressed much over the past few years. In addition, it appears to be losing market share and its take rate as well has been trending down. To add to it, its main backer, Advent PE has been on the exit trail since 2019 and hence, its remaining stake will create an overhang for the stock.
Underlying
NET PROTECTIONS HLDGS 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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