In today’s briefing:
- Doosan Robotics IPO: Exuberance Results in Valuation Disconnect
- Millie’s Library IPO Book Building Results Analysis
Doosan Robotics IPO: Exuberance Results in Valuation Disconnect
- Doosan Robotics (454910 KS) IPO has coincided with a fortuitous rerating of peers as robotics has recently emerged as a dominant theme in the Korean stock market.
- We previously discussed the IPO in Doosan Robotics IPO: The Bull Case, Doosan Robotics IPO: The Bear Case and Doosan Robotics IPO: Valuation Insights.
- The risk is that sentiment can quickly shift the other way before the listing. Our bull-case DCF suggests that the IPO price range is, at best, fully priced.
Millie’s Library IPO Book Building Results Analysis
- Millie’s Library (418470 KS) announced its IPO book building results. The IPO price has been determined at 23,000 won which is at the high end of the IPO price range.
- A total of 1,915 institutions participated in this IPO survey and the demand ratio of 619.2 to 1.
- Our valuation analysis suggests base case target price of 31,769 won per share, which is 38% higher than the the IPO price of 23,000 won.
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