Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>ALT's IPO price has been determined a 25,000 won, which is 22% higher than the high end of the IPO price range.</li>
<li>A total of 1,937 institutional investors participated in the IPO offering with a competition demand ratio of 1,836 to 1.</li>
<li>Our base case valuation of ALT is market cap of 299 billion won or 33,365 won per share, which represents 33% higher than the IPO price range of 25,000 won.</li>
</ul>


ALT's IPO price has been determined a 25,000 won, which is 22% higher than the high end of the IPO price range.
A total of 1,937 institutional investors participated in the IPO offering with a competition demand ratio of 1,836 to 1.
Our base case valuation of ALT is market cap of 299 billion won or 33,365 won per share, which represents 33% higher than the IPO price range of 25,000 won.


<ul>
<li>Our base case valuation of ALT is 33,365 won per share, which represents 63% higher than the high end of the IPO price range of 20,500 won.</li>
<li>We estimate the company to generate sales of 69.7 billion won (up 57.3% YoY) in 2023 and 92.2 billion won (up 32.3% YoY) in 2024.</li>
<li>ALT's main business is in the testing of non-memory semiconductor value chain products including Display Drive IC, CMOS image sensor, and Power Management IC.</li>
</ul>


Our base case valuation of ALT is 33,365 won per share, which represents 63% higher than the high end of the IPO price range of 20,500 won.
We estimate the company to generate sales of 69.7 billion won (up 57.3% YoY) in 2023 and 92.2 billion won (up 32.3% YoY) in 2024.
ALT's main business is in the testing of non-memory semiconductor value chain products including Display Drive IC, CMOS image sensor, and Power Management IC.


<ul>
<li>ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors applied to various industries such as secondary batteries, artificial intelligence, and automotive. </li>
<li>The bankers used four companies as comps for ALT including Lb Semicon, LB Lusem, Doosan Tesna, and Nepes Ark. These four stocks are up on average 48% YTD.</li>
<li>The IPO price range is from 16,700 won to 20,500 won. The expected market cap of the company post IPO is from 150 billion won to 184 billion won. </li>
</ul>


ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors applied to various industries such as secondary batteries, artificial intelligence, and automotive. 
The bankers used four companies as comps for ALT including Lb Semicon, LB Lusem, Doosan Tesna, and Nepes Ark. These four stocks are up on average 48% YTD.
The IPO price range is from 16,700 won to 20,500 won. The expected market cap of the company post IPO is from 150 billion won to 184 billion won. 


South Korea

Alt Semicon Co., Ltd. was founded in 2003. The company's line of business includes the manufacturing of electronic computers.

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ALT Semicon (0888775D KS)

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ALT's IPO price has been determined a 25,000 won, which is 22% higher than the high end of the IPO price range. The competition demand ratio was...

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Our base case valuation of ALT is 33,365 won per share, which represents 63% higher than the high end of the IPO price range of 20,500 won.

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ALT Co IPO Preview

ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors in industries such as secondary...

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