Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/enchem-co-ltd" target="_blank" data-smartkarma-citation="entities:34297:1" rel="noopener">Enchem (348370 KS) </a>is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is between 30,000 won and 35,000 won. The IPO base deal size is from $57 million to $67 million. According to the bankers' valuation, the expected market cap of the company post IPO is from 486 billion won to 567 billion won. The book building for the institutional investors starts on 15 October. The lead bankers on this deal include Daishin Securities and Shinhan Investment Securities. </p><table class="table table-striped">
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<td style="width: 181pt;"><div>Deal Specifics of Enchem IPO</div></td>
<td style="width: 287pt;"> </td>
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<td>Lead underwriters of the IPO: </td>
<td style="width: 287pt;">Daishin Securities, Shinhan Investment Securities</td>
</tr>
<tr>
<td>Expected IPO price per share: </td>
<td style="width: 287pt;">30,000 won (low)/35,000 won (high)</td>
</tr>
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<td>Number of Shares for IPO:</td>
<td style="width: 287pt;">2.26m shares (new shares)</td>
</tr>
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<td>IPO base deal size: </td>
<td style="width: 287pt;">US$57mn (low);  US$67mn (high)</td>
</tr>
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<td>Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 287pt;">16.2m shares</td>
</tr>
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<td>Expected market cap after IPO:</td>
<td style="width: 287pt;">486 billion won (low)/567 billion won (high)</td>
</tr>
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<td>Book open: </td>
<td style="text-align: left; width: 287pt;">15-Oct-21</td>
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<td>Book closed:</td>
<td style="text-align: left; width: 287pt;">18-Oct-21</td>
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<td>Listing date: </td>
<td style="text-align: left; width: 287pt;">TBC</td>
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<td>Source: Company data</td>
<td style="width: 287pt;"> </td>
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</table><p>Established in 2012, Enchem specializes in the development and manufacturing of electrolytes and high functionality additives for rechargeable batteries and (electric double layer capacitors) EDLCs. Electrolyte is one of the core materials of rechargeable batteries. Enchem was the first company in Korea to successfully commercialize electrolyte for electric vehicles. Major customers include LG Energy Solution, SK Innovation, and CATL. The company sells its products to three of the top five largest makers of rechargeable batteries in the world. </p>

Enchem (348370 KS) is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is between 30,000 won and 35,000 won. The IPO base deal size is from $57 million to $67 million. According to the bankers' valuation, the expected market cap of the company post IPO is from 486 billion won to 567 billion won. The book building for the institutional investors starts on 15 October. The lead bankers on this deal include Daishin Securities and Shinhan Investment Securities. 






Deal Specifics of Enchem IPO
 


Lead underwriters of the IPO: 
Daishin Securities, Shinhan Investment Securities


Expected IPO price per share: 
30,000 won (low)/35,000 won (high)


Number of Shares for IPO:
2.26m shares (new shares)


IPO base deal size: 
US$57mn (low);  US$67mn (high)


Expected common shares outstanding, fully diluted (post-IPO):  
16.2m shares


Expected market cap after IPO:
486 billion won (low)/567 billion won (high)


Book open: 
15-Oct-21


Book closed:
18-Oct-21


Listing date: 
TBC


Source: Company data
 


Established in 2012, Enchem specializes in the development and manufacturing of electrolytes and high functionality additives for rechargeable batteries and (electric double layer capacitors) EDLCs. Electrolyte is one of the core materials of rechargeable batteries. Enchem was the first company in Korea to successfully commercialize electrolyte for electric vehicles. Major customers include LG Energy Solution, SK Innovation, and CATL. The company sells its products to three of the top five largest makers of rechargeable batteries in the world. 

South Korea

Kumho Petrochemical Co., Ltd. manufactures synthetic rubbers, synthetic resins, and rubber chemicals.  The Company's products include styrene butadiene, acrylonitrile butadiene, polystyrene, expandable polystyrene, and antioxidant.  Kumho Petrochemical provides construction, transportation, and financial services through its subsidiaries.

Capro Corporation manufactures and exports caprolactam, a key raw material for nylon.  The Company's customers include nylon manufacturers such as Hyosung Corporation, Kolon Industries, and  Taekwang Industrial.  In addition, Capro also produces ammonia sulfate fertilizer for industrial and agricultural uses.

Hanwha Solution Corporation is a chemical manufacturer.  The Company's products include a line of chlorine alkali chemicals, such as caustic soda, chlorine, and hydrochloric acid.  Hanwha also produces resins including low density polyethylene (LDPE) and polyvinyl chloride (PVC).

Lotte Chemical Corporation manufactures a wide range of petrochemical products such as high density polyethylene, polypropylene, and ethylene glycol. The Company's products are used in manufacturing general housewares, pipes, films, fabrics, bottles, containers, and automotive parts.

Kum Yang Co., Ltd. specializes in manufacturing blowing agents to foam rubber products and polymers.  The Company also produces other basic fine chemicals, such as sulphur products.

SKC Co., Ltd. manufactures a variety of films, including polyester films, silicon coated films, and inkjet films.  The Company also produces chemical products, such as propylene oxide, propylene glycol, and styrene monomer. In addition, SKC provides materials for photovoltaic.

OCI Holdings Company Ltd. operates chemical business. The Company manufactures inorganic chemicals, petroleum and coal chemicals, fine chemicals, renewable energy and insulation materials. OCI Holdings markets its products primarily throughout Korea with limited overseas.

Hansol Chemical Co., Ltd. manufactures chemical products such as hydrogen peroxide, benzol peroxide, urea resin, polyacrylamide, trimethylolpropane, and latex.  The Company supplies its products to the paper, textile, and food industries.

Dongjin Semichem Co., Ltd. produces fine chemicals for semiconductor and liquid crystal display (LCD) manufacturing.  The Company's products include photoresist materials and epoxy molding compounds.  In addition, Dongjin Semichem also produces chemical foaming agents for plastic and rubber applications.

LOTTE Fine Chemical Co., Ltd. produces general and fine chemicals. The Company produces ammonia, epichlorohydrin, caustic soda, and dimethylformamide. LOTTE Fine Chemical also manufactures chemicals used in pharmaceutical and paint manufacturing areas.

NOF CORPORATION is a diversified chemical producer whose products include processed oil/fats, explosives and other chemical products. The Company has manufacturing/sales subsidiaries in US, Indonesia and China.

K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Hangzhou Oxygen Plant Group Co.,Ltd. manufactures industrial gas machinery products. The Company produces air separation equipment, small-scale air separation equipment, liquefied nitrogen wash cold boxes, liquefied natural gas separation equipment, and other products. Hangzhou Oxygen Plant Group markets its products worldwide.

Finolex Industries Limited manufactures PVC pipes and fittings, which are sold primarily to businesses in the agricultural sector.  The Company also manufactures PVC resins, which are used as raw materials for PVC pipes and fittings.

Castrol (India) Limited manufactures and markets automotive and industrial lubricants and specialty products. The Company's products include lubricating oils, greases and brake fluids. The Company also manufactures cable filling compounds, jellies, waxes and other items.

Quaker Chemical Corporation produces, develops, and markets custom-formulated chemical specialty products.  The Company also provides fluid management services for manufacturers around the world, primarily in the steel, automotive, and can industries.

Kingfa Sci. & Tech. Co., Ltd. manufactures and markets modified plastic products, including fire resistant resin, reinforced resin, plastic alloy, and other related products.

ADEKA CORPORATION manufactures basic chemicals and foodstuffs.  The Company's products include resin products, insulators, and processed fat/oil products.

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

Hengyi Petrochemical Co., Ltd. manufactures polyester and other petrochemical products.

ENCHEM Co.,Ltd. produces and sells electrolyte and functional additives. The Company develops, manufactures and markets lithium rechargeable batteries electrolytes, polymer batteries electrolytes, high functionality additives, and other products. ENCHEM markets its products primarily throughout Korea with limited overseas.

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Enchem (348370 KS)

Enchem IPO Preview

Enchem is getting ready to complete its IPO in Korea in the next several weeks. The expected market cap of the company post IPO is from 486 billion...

Douglas Kim

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