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Researcher
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Okay, Securitize is going public through a merger with SPAC company (CEPT)
Btw CEPT is currently trading around $12. So what valuation does that imply for Securitize (SECZ) after the merger?
Analysis
Securitize has a pre-money valuation of $1.25B
Raised $225M in PIPE financing from Arche, Borderless Capital, Hanwha Investment, ParaFi, and InterVest
The PIPE deal was structured at $10.00 per CEPT Class A share
Each Class A share will convert into one SECZ common share after the merger
CEPT shares currently trading at $12 are also Class A shares, meaning the market is already pricing in roughly a 20% premium over the PIPE price
SPAC trust account holds $244M
According to the investor deck, post-merger shares outstanding will total 182.1M
With CEPT trading around $12, the market is effectively valuing SECZ at about $2.1B
Based on 2025E revenue, Securitize’s P/S ratio is around 31
The most comparable public company, Figure, trades at roughly 29, which puts Securitize in a similar range
From a tokenized AUM perspective, Securitize sits at $4.4B while Figure holds $13.2B. That implies a market cap to AUM ratio of 0.47 for Securitize versus 0.71 for Figure, suggesting Securitize is currently undervalued.
Final Thoughts
The RWA tokenization market is just getting started and growing fast. Securitize is likely to strengthen its position as a market leader, and with its push into equity tokenization, the upside potential looks massive (NFA).
Tokenize the World
