Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. </li>
<li>K Car is a used car marketplace and dealership operating in South Korea.</li>
<li>In this note, we will talk about the recent updates and the upcoming lockup expiry.</li>
</ul>


K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. 
K Car is a used car marketplace and dealership operating in South Korea.
In this note, we will talk about the recent updates and the upcoming lockup expiry.


K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

Equity Capital Markets

Lionheart Studio  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lionheart-studio-corporation" target="_blank" data-smartkarma-citation="entities:36417:1" rel="noopener">Lionheart Studio (426630 KS)</a>, a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.</li>
<li>The company is majority owned by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>, which after having recently hiked its stake, owned 54.94% of the company prior to listing.  </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Lionheart Studio (426630 KS), a game development studio based in South Korea,  aims to raise around US$420m via its South Korean IPO.
The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.  
In this note, we will talk about the positive aspects of the deal.


Lion Heart Studio Pre-IPO - The Positives - Got One Hit

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>Kakao Mobility provides taxi, car chauffeur, navigation, and delivery services in Korea. Kakao Mobility's Kakao T app is the number one mobility company in Korea with 31 million members.</li>
<li>Kakao Mobility is considering both an IPO and a strategic sale of the company. MBK Partners is in discussions with Kakao Mobility for a controlling 40% stake in the company. </li>
<li>The company has achieved excellent growth in sales and profits. Kakao Mobility had sales of 546.5 billion won (up 95.1% YoY) and operating profit of 12.6 billion won in 2021.</li>
</ul>


Kakao Mobility provides taxi, car chauffeur, navigation, and delivery services in Korea. Kakao Mobility's Kakao T app is the number one mobility company in Korea with 31 million members.
Kakao Mobility is considering both an IPO and a strategic sale of the company. MBK Partners is in discussions with Kakao Mobility for a controlling 40% stake in the company. 
The company has achieved excellent growth in sales and profits. Kakao Mobility had sales of 546.5 billion won (up 95.1% YoY) and operating profit of 12.6 billion won in 2021.


Kakao Mobility: Number One Mobility Company in Korea

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.

Hyundai Oilbank Co Ltd / Equity Capital Markets

<ul>
<li>Except for SOCAR, most major ones will be in the fourth quarter, so local IPO funds' lock-up/pricing strategy should inevitably be intense to adjust the fund flow schedule.</li>
<li>Probably, local institutional investors' SOCAR lock-up will be mostly one month. Or even we should expect some of them to skip SOCAR altogether to focus on Hyundai Oilbank.</li>
<li>Among those not yet applied for a preliminary review, the local street still expects Oasis Market, CJ Olive Young, and Kakao Mobility to complete their listing this year.</li>
</ul>


Except for SOCAR, most major ones will be in the fourth quarter, so local IPO funds' lock-up/pricing strategy should inevitably be intense to adjust the fund flow schedule.
Probably, local institutional investors' SOCAR lock-up will be mostly one month. Or even we should expect some of them to skip SOCAR altogether to focus on Hyundai Oilbank.
Among those not yet applied for a preliminary review, the local street still expects Oasis Market, CJ Olive Young, and Kakao Mobility to complete their listing this year.


Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

South Korea

KM Company develops database software. The Company produces oily nail, UV gel nail, and other products. KM serves clients in Korea.

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Kakao Mobility (1522016D KS)

K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering. Its IPO lockup will expire soon...

Sumeet Singh

Lion Heart Studio Pre-IPO - The Positives - Got One Hit

Lionheart Studio, a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO. The company is majority...

Sumeet Singh

Kakao Mobility: Number One Mobility Company in Korea

Kakao Mobility provides taxi, car chauffeur, navigation, and delivery services in Korea. Kakao Mobility's Kakao T app is the number one mobility...

Douglas Kim

Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

This post reviews the first half of Korea's local IPO market and examines the second-half schedule for flow clash possibilities.

Sanghyun Park

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