Qapita supports Docquity with RCPS and ESOP valuations for FY2024 audit

Qapita’s International Valuations team has assisted Docquity Holdings Pte. Ltd. (Docquity), Southeast Asia’s largest community of verified healthcare professionals (HCPs), on its year-end valuations for FY2024 audit review in line with per Singapore Financial Reporting Standards (SFRS).

This marks our third consecutive valuations engagement with Docquity. The scope included two types of financial instruments to be valued as SFRS 13 - Fair Value Measurement:

• Redeemable Convertible Preference Shares (RCPS) in line with SFRS 9 – Financial Instruments

• Employee Share Option Plan (ESOP) in line with SFRS 2 – Share-based Payment

Qapita utilised the Option Pricing Model (OPM) Backsolve approach and Value Allocation Theory to arrive the Fair Market Value of the various classes of shares outstanding, and the Black Scholes Merton model to determine the Fair Value of the ESOPs, with market benchmarks used to validate key assumptions.

The Qapita team handled the project end-to-end – from financial analysis and management discussions through to auditor engagement – delivering ahead of schedule and enabling Docquity to finalise its audited financial statements.  

Ankur Aggarwal, Executive Director- Finance, Strategy & Planning (Regional) at Docquity, commented:

“Having Qapita by our side during the audit made a real difference; they brought deep expertise in navigating the complexities of our financial instruments and equity programs, kept pace with our timelines, and worked hand-in-hand with our auditors to ensure the entire process was smooth and stress-free.”

Evelyn Tay, International Valuations Practice Lead at Qapita, said:

“It’s incredibly rewarding to partner with ambitious, fast-growing companies across Southeast Asia. We go beyond just numbers — our goal is to provide valuation guidance that’s both analytically robust and grounded in a real-world understanding of how businesses scale and create lasting value”

This engagement signals a meaningful chapter in Qapita’s evolution within the private markets space, highlighting our unwavering focus on equipping Southeast Asia’s enterprises with valuation insights that meet the highest audit standards and business needs.