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Soulgate Inc. (SGI) operates Soul app which is an algorithm-driven online social playground. The app is targeted at the younger generations audience (usually born after the 1990s) and it aims to provide a virtual space for users to connect and build social relationships through virtual identities and multimedia content.
Soul is an interesting app. Our assessment is that it is not unique enough based on the features that it currently has. But there is a possibility that it can grow into a unique social media platform like Bilibili, we would prefer to stay on the sideline first and keep track of the app’s development and the company’s financial performance.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.
Our previous coverage of the IPO:
Soulgate Pre-IPO - Unsustainable Virtual Connection
Soulgate IPO - MIHOYO could change the game, worth a bet
Soulgate (SSR US) is looking to raise up to US$293m in its U.S. IPO. This includes the US$89 concurrent placement to be sold to MIHOYO.Soulgate Inc. (SGI) operates Soul app which is an algorithm-driven online social playground. The app is targeted at the younger generations audience (usually born after the 1990s) and it aims to provide a virtual space for users to connect and build social relationships through virtual identities and multimedia content.
Soul is an interesting app. Our assessment is that it is not unique enough based on the features that it currently has. But there is a possibility that it can grow into a unique social media platform like Bilibili, we would prefer to stay on the sideline first and keep track of the app’s development and the company’s financial performance.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.
Our previous coverage of the IPO:
Soulgate Pre-IPO - Unsustainable Virtual Connection
Underlying
Soulgate 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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