ECM Weekly (18th July 2021) - Krafton, Kakao Bank, Bukalapak, Filinvest REIT, Zomato, China ADR IPO
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
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Krafton IPO - Lock-Up (Or Lack Thereof on Most Shares) + Index Inclusion
Krafton Inc (259960 KS) is looking to raise up to US3.8bn in its South Korea IPO. In this note, we will take a look at lock-up on shareholders and...
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Krafton IPO - Assumptions and Valuation
Krafton Inc (259960 KS) is looking to raise up to US3.8bn in its South Korea IPO. In this note, we will share our thoughts on assumptions and...
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Kakao Bank & Kakao Pay Listings in Close Proximity: Institutional Cannibalization Risk
This post discusses local institutional investors' dilemma resulting from the fact that Kakao Bank and Kakao Pay's listing dates are close to each...
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An Updated Valuation of the Krafton IPO & Major Recent Events Impacting the Company
We lowered our base case valuation of Krafton by 2% to 455,942 won per share, based on 21.3x EV/EBITDA (2022E). Given the lack of upside, we...
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