Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Ecoeye announced that the IPO price has been determined at 34,700 won, which is at the high end of the IPO price range. The demand ratio was 75 to 1.</li>
<li>An 81.1% of the IPO shares applied thought that the company's value is more than 34,700 won per share. The IPO offering amount is 72 billion won.</li>
<li>Our base case valuation of Ecoeye IPO is 45,421 won per share (31% higher than the IPO price). Given the solid upside, we have a positive view of Ecoeye IPO. </li>
</ul>


Ecoeye announced that the IPO price has been determined at 34,700 won, which is at the high end of the IPO price range. The demand ratio was 75 to 1.
An 81.1% of the IPO shares applied thought that the company's value is more than 34,700 won per share. The IPO offering amount is 72 billion won.
Our base case valuation of Ecoeye IPO is 45,421 won per share (31% higher than the IPO price). Given the solid upside, we have a positive view of Ecoeye IPO. 


Ecoeye IPO Book Building Results Analysis

<ul>
<li>Our base case valuation of Ecoeye IPO is 45,421 won per share, representing 31% higher than the high end of the IPO price range. </li>
<li>Given the solid upside, we have a positive view of Ecoeye IPO. The target P/E multiple of 28.8x is based on a 20% premium to the comps' average valuation multiple.</li>
<li>We believe this premium valuation multiple is appropriate given higher sales growth rate and operating margin for Ecoeye as compared to the comps.</li>
</ul>


Our base case valuation of Ecoeye IPO is 45,421 won per share, representing 31% higher than the high end of the IPO price range. 
Given the solid upside, we have a positive view of Ecoeye IPO. The target P/E multiple of 28.8x is based on a 20% premium to the comps' average valuation multiple.
We believe this premium valuation multiple is appropriate given higher sales growth rate and operating margin for Ecoeye as compared to the comps.


<ul>
<li>Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses. </li>
<li>The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won. </li>
<li>Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting. </li>
</ul>


Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses. 
The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won. 
Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting. 


South Korea

Ecoeye Co., Ltd. operates environmental engineering businesses. The Company provides carbon saving, energy emission reduction, and other services. Ecoeye conducts businesses in South Korea.

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Ecoeye (448280 KS)

Ecoeye IPO Book Building Results Analysis

Ecoeye announced that the IPO price has been determined at 34,700 won, which is at the high end of the IPO price range. The demand ratio was 75 to 1.

Douglas Kim

Ecoeye IPO Valuation Analysis

Our base case valuation of Ecoeye IPO is 45,421 won per share, representing 31% higher than the high end of the IPO price range. Given the solid...

Douglas Kim

Ecoeye IPO Preview

Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses....

Douglas Kim

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