Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>On 12 May, GigaVis announced its IPO price of 43,000 won, which is 8% higher than the high end of the IPO price range of 39,700 won. </li>
<li>Our base case valuation of Gigavis is target price of 61,755 won per share, which is 44% higher than the IPO price of 43,000 won.</li>
<li>Gigavis makes automatic optical inspection equipment (AOI) and automatic optical repair equipment (AOR) for the inspection and repair process of inner layer substrates, which are core components of semiconductor substrates.</li>
</ul>


On 12 May, GigaVis announced its IPO price of 43,000 won, which is 8% higher than the high end of the IPO price range of 39,700 won. 
Our base case valuation of Gigavis is target price of 61,755 won per share, which is 44% higher than the IPO price of 43,000 won.
Gigavis makes automatic optical inspection equipment (AOI) and automatic optical repair equipment (AOR) for the inspection and repair process of inner layer substrates, which are core components of semiconductor substrates.


Gigavis IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Gigavis IPO is target price of 61,755 won per share, representing 56% higher than the high end of the IPO price range.</li>
<li>We estimate the company to generate sales of 126.6 billion won (up 27% YoY) in 2023 and 150.9 billion won (up 19.2% YoY) in 2024.</li>
<li>Our base case valuation is based on 21.8x P/E using our estimated net profit of 35.9 billion won in 2023.</li>
</ul>


Our base case valuation of Gigavis IPO is target price of 61,755 won per share, representing 56% higher than the high end of the IPO price range.
We estimate the company to generate sales of 126.6 billion won (up 27% YoY) in 2023 and 150.9 billion won (up 19.2% YoY) in 2024.
Our base case valuation is based on 21.8x P/E using our estimated net profit of 35.9 billion won in 2023.


<ul>
<li>Gigavis is offering 2.22 million shares in this IPO. The expected market cap of the IPO is from 436 billion won to 503 billion won.</li>
<li>The maximum IPO offering amount is 88.1 billion won. The IPO price is between 34,400 won to 39,700 won.</li>
<li>Gigavis makes automatic optical repair equipment (AOR) for the semiconductor industry. </li>
</ul>


Gigavis is offering 2.22 million shares in this IPO. The expected market cap of the IPO is from 436 billion won to 503 billion won.
The maximum IPO offering amount is 88.1 billion won. The IPO price is between 34,400 won to 39,700 won.
Gigavis makes automatic optical repair equipment (AOR) for the semiconductor industry. 


South Korea

GigaVis Co., Ltd. manufactures and distributes industrial machinery and electronic parts. The Company produces semiconductor automated optical inspection and repair equipment, giga vision inspection and factory automation machines, and other related products. GigaVis markets its products worldwide.

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GigaVis (420770 KS)

Gigavis IPO Bookbuilding Results Analysis

Our base case valuation of Gigavis is target price of 61,755 won per share, which is 44% higher than the IPO price of 43,000 won.

Douglas Kim

Gigavis IPO Valuation Analysis

Our base case valuation of Gigavis IPO is target price of 61,755 won per share, representing 56% higher than the high end of the IPO price range.

Douglas Kim

Gigavis IPO Preview

Gigavis, a maker of AOI equipment for semiconductor industry, is offering 2.22 million shares in this IPO. The expected market cap of the IPO is...

Douglas Kim

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