Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Golfzon Commerce / Equity Capital Markets

<ul>
<li>Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range.</li>
<li>Given the lower expected target price relative to the IPO price range, we have a Negative view of Golfzon Commerce IPO. </li>
<li>Golfzon Commerce is the number one distributor of golf products such as clubs, shoes, apparel in Korea. The book building for the institutional investors starts on 11 October.</li>
</ul>


Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range.
Given the lower expected target price relative to the IPO price range, we have a Negative view of Golfzon Commerce IPO. 
Golfzon Commerce is the number one distributor of golf products such as clubs, shoes, apparel in Korea. The book building for the institutional investors starts on 11 October.


<ul>
<li>Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. </li>
<li>The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. </li>
<li>Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). </li>
</ul>


Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. 
The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. 
Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). 


South Korea

Golfzon Commerce Co., Ltd. operates sports product distribution businesses. The Company sells sportswear, sneakers, golf balls, golf clubs, and other products. Golfzon Commerce conducts businesses in South Korea.

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Golfzon Commerce (366870 KS)

Golfzon Commerce IPO Valuation Analysis

Our base case valuation analysis suggests a target price of 9,405 won per share, which is 25% lower than the mid-point of the IPO price range. We...

Douglas Kim

Golfzon Commerce IPO Preview

Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won.

Douglas Kim

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