Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

L&amp;K Biomed Co., Ltd. develops and manufactures medical devices such as cervical spine devices, 3D wholebody scanner and bio-similar products. The company is currently the third largest company by market valuation in KONEX (the securities exchange exclusively for small and medium-sized enterprises and venture companies prior to listing on KOSDAQ). It was listed in KONEX in 2013. The company is rapidly growing. Its sales for 2015 grew a whopping 58.1% YoY to ₩32bil. More importantly, the company's operating margin during this period was 17.5%. It has already achieved ₩21.2bil in sales in 1H16. The company is widely believed to have become the country's leading spinal implant developer. Not only that, it has successfully built direct sales channels to hospitals (end clients), which are certainly helping improve its profit margin. The company is planning to raise ₩14.8bil to ₩18.4bil through this IPO, which it will use to expand the production facility and conduct research activities. * In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will analyze the company's growth potential and appropriate valuation level.

L&amp;K Biomed Co., Ltd. develops and manufactures medical devices such as cervical spine devices, 3D wholebody scanner and bio-similar products. The company is currently the third largest company by market valuation in KONEX (the securities exchange exclusively for small and medium-sized enterprises and venture companies prior to listing on KOSDAQ). It was listed in KONEX in 2013. The company is rapidly growing. Its sales for 2015 grew a whopping 58.1% YoY to ₩32bil. More importantly, the company's operating margin during this period was 17.5%. It has already achieved ₩21.2bil in sales in 1H16. The company is widely believed to have become the country's leading spinal implant developer. Not only that, it has successfully built direct sales channels to hospitals (end clients), which are certainly helping improve its profit margin. The company is planning to raise ₩14.8bil to ₩18.4bil through this IPO, which it will use to expand the production facility and conduct research activities. * In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will analyze the company's growth potential and appropriate valuation level.

L&K Biomed IPO Part 1 - Schedule, Financials & Valuation

South Korea

DIO Corp. manufactures dental implant and related device. The Company's product includes internal & external implant system, implant surgical device, dental material, and sterilizer. Dio also produces and installs public parking lot systems.

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Dio Corp (039840 KS)

L&K Biomed IPO Part 1 - Schedule, Financials & Valuation

L&K Biomed Co., Ltd. develops and manufactures medical devices such as cervical spine devices, 3D wholebody scanner and bio-similar products....

Sanghyun Park

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