APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

EcoPro Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is looking to raise up to US$500m in its Korean IPO.</li>
<li>Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.</li>
<li>In our previous note, we covered the company’s performance. In this note, we will undertake a  peer comparison.</li>
</ul>



EcoPro Materials (ECO123 KS) is looking to raise up to US$500m in its Korean IPO.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In our previous note, we covered the company’s performance. In this note, we will undertake a  peer comparison.


Ecopro Materials IPO - Peer Comparison - Doesn't Particularly Stand Out

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case valuation for Ecopro Materials is implied price per share of 40,325 won per share, which is within the IPO price range of 36,200 won to 46,000 won.</li>
<li>Given the lack of upside relative to the IPO price range, we have a negative view of this IPO. </li>
<li>Ecopro Materials is engaged in the business of manufacturing and selling high-nickel precursors, one of the key materials for high-nickel anode materials for secondary batteries.</li>
</ul>


Our base case valuation for Ecopro Materials is implied price per share of 40,325 won per share, which is within the IPO price range of 36,200 won to 46,000 won.
Given the lack of upside relative to the IPO price range, we have a negative view of this IPO. 
Ecopro Materials is engaged in the business of manufacturing and selling high-nickel precursors, one of the key materials for high-nickel anode materials for secondary batteries.


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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Ecopro Materials will benefit from passive flows generated by being a part of the battery-themed ETFs in the Korean local ETF market. And this will create noteworthy flow instances.</li>
<li>There will be a total of six flow events occurring consecutively from March to June next year. For all except for K-New Deal, there is a high likelihood of inclusion</li>
<li>In particular, it appears that we should target the rebalancing trading of the TIGER Secondary Cell ETF, which occurs on the second Thursday of April next year.</li>
</ul>


Ecopro Materials will benefit from passive flows generated by being a part of the battery-themed ETFs in the Korean local ETF market. And this will create noteworthy flow instances.
There will be a total of six flow events occurring consecutively from March to June next year. For all except for K-New Deal, there is a high likelihood of inclusion
In particular, it appears that we should target the rebalancing trading of the TIGER Secondary Cell ETF, which occurs on the second Thursday of April next year.


Passive Flow Schedule Driven by Local Sector ETFs for Ecopro Materials

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> was founded in 2017 and specializes in manufacturing cathode material precursors, a core material for lithium secondary cells.</li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> could raise between US$387m-US$492m, valuing the company between US$1.9bn-US$2.42bn. Float will depend on voluntary lock-ups and allocation to strategic investors.</li>
<li>Inclusion in global indices is likely to take place between February to June, while the highest probability of <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> inclusion is in December 2024.</li>
</ul>



EcoPro Materials (ECO123 KS) was founded in 2017 and specializes in manufacturing cathode material precursors, a core material for lithium secondary cells.

EcoPro Materials (ECO123 KS) could raise between US$387m-US$492m, valuing the company between US$1.9bn-US$2.42bn. Float will depend on voluntary lock-ups and allocation to strategic investors.
Inclusion in global indices is likely to take place between February to June, while the highest probability of Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) inclusion is in December 2024.


<ul>
<li>Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won. </li>
<li>The IPO offering amount is from 524 billion won to 666 billion won. The expected IPO market cap is from 2.7 trillion won to 3.4 trillion won.</li>
<li>The bankers used four companies including CNGR, Posco Future M (003670 KS), L&amp;F, and Cosmo AM&amp;T (005070 KS) as comps for Ecopro Materials.</li>
</ul>


Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won. 
The IPO offering amount is from 524 billion won to 666 billion won. The expected IPO market cap is from 2.7 trillion won to 3.4 trillion won.
The bankers used four companies including CNGR, Posco Future M (003670 KS), L&amp;F, and Cosmo AM&amp;T (005070 KS) as comps for Ecopro Materials.


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EcoPro Materials (450080 KS)

Ecopro Materials IPO - Peer Comparison - Doesn't Particularly Stand Out

EcoPro Materials (ECO123 KS) is looking to raise up to US$500m in its Korean IPO. In our previous note, we covered the company’s performance. In...

Ethan Aw

Ecopro Materials IPO Valuation Analysis

Our base case valuation for Ecopro Materials is implied price per share is 40,325 won per share, which is within the IPO price range of 36,200 won...

Douglas Kim

Passive Flow Schedule Driven by Local Sector ETFs for Ecopro Materials

This post compiles the passive flow schedule driven by local battery-themed ETFs for Ecopro Materials after its listing.

Sanghyun Park

EcoPro Materials: IPO & Index Inclusion

Extremely high multiples used to come up with the IPO price band. Possible inclusion in global indices from Feb to June while the highest...

Brian Freitas

Ecopro Materials IPO Preview

Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won.

Douglas Kim

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