Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Sebit Chem had excellent IPO book building results. The demand ratio from the institutional investors was 1,671 to 1. </li>
<li>The IPO price has been determined at 35,000 won, which is higher than the high end of the IPO price range (25,000 won to 30,000 won).</li>
<li>Our base case valuation is implied market cap of 256 billion won or target price of 50,775 won per share (45% higher than the IPO price of 35,000 won). </li>
</ul>


Sebit Chem had excellent IPO book building results. The demand ratio from the institutional investors was 1,671 to 1. 
The IPO price has been determined at 35,000 won, which is higher than the high end of the IPO price range (25,000 won to 30,000 won).
Our base case valuation is implied market cap of 256 billion won or target price of 50,775 won per share (45% higher than the IPO price of 35,000 won). 


<ul>
<li>Our base case valuation of Sebit Chem IPO is target price of 50,775 won which is 69% higher than the high end of the IPO price range. </li>
<li>Sebit Chem's business is now mainly composed of recycling waste rechargeable batteries and waste acid (mostly from semiconductor and LCD related products).</li>
<li>Our base case valuation is based on 23.7x P/E (comps' average) using our estimated net profit of 10.8 billion won in 2023. </li>
</ul>


Our base case valuation of Sebit Chem IPO is target price of 50,775 won which is 69% higher than the high end of the IPO price range. 
Sebit Chem's business is now mainly composed of recycling waste rechargeable batteries and waste acid (mostly from semiconductor and LCD related products).
Our base case valuation is based on 23.7x P/E (comps' average) using our estimated net profit of 10.8 billion won in 2023. 


<ul>
<li>Sebit Chem is getting ready to complete its IPO in early August. The IPO price range is from 25,000 won to 30,000 won.</li>
<li>The IPO base deal size is from US$21 million to US$25 million. The expected market cap after the IPO is from 126 billion won to 151 billion won.</li>
<li>Sebit Chem is one of the competitors to Sungeel Hitech which completed a very successful IPO book building. Sebit Chem is also likely to enjoy strong demand among many investors. </li>
</ul>


Sebit Chem is getting ready to complete its IPO in early August. The IPO price range is from 25,000 won to 30,000 won.
The IPO base deal size is from US$21 million to US$25 million. The expected market cap after the IPO is from 126 billion won to 151 billion won.
Sebit Chem is one of the competitors to Sungeel Hitech which completed a very successful IPO book building. Sebit Chem is also likely to enjoy strong demand among many investors. 


Sebit Chem IPO Preview - A Major Competitor to Sungeel Hitech in Rechargeable Batteries Recycling

South Korea

Sebitchem Co., Ltd. operates as a wastewater treatment chemicals recycling company. The Company provides waste acid recycling, phosphoric acid production, waste anode material and waste battery decomposition, active materials purification and separation, and precursor complex solutions sale services. Sebitchem markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sebitchem (107600 KS)

Sebit Chem IPO Book Building Results

Sebit Chem had excellent IPO book building results. The demand ratio from the institutional investors was 1,671 to 1. The IPO price has been...

Douglas Kim

Sebit Chem Valuation Analysis

Our base case valuation of Sebit Chem IPO is target price of 50,775 won which is 69% higher than the high end of the IPO price range.

Douglas Kim

Sebit Chem IPO Preview - A Major Competitor to Sungeel Hitech in Rechargeable Batteries Recycling

Sebit Chem is one of the competitors to Sungeel Hitech which completed a very successful IPO book building. Sebit Chem is also likely to enjoy...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)