Daily BriefsECM

Daily Brief ECM: Seoul Guarantee Insurance IPO Bookbuilding Results Analysis and more

In today’s briefing:

  • Seoul Guarantee Insurance IPO Bookbuilding Results Analysis
  • Ecopro Materials: Seeking 300 Billion Won in Additional Capital Raise


Seoul Guarantee Insurance IPO Bookbuilding Results Analysis

By Douglas Kim

  • The majority of the investors placed orders at 26,000 won, which is the lower end of the IPO price range (26,000 won to 31,800 won).
  • SGIC held internal discussions to set the public offering price at 26,000 won. The final price (which is likely to be 26,000 won) will be revealed on 4 March. 
  • Our updated base case valuation of SGIC is base case target price of 28,925 won per share. Given the lack of upside, we have a negative view of this deal.

Ecopro Materials: Seeking 300 Billion Won in Additional Capital Raise

By Douglas Kim

  • It has been reported in the local media that EcoPro Materials (450080 KS) is seeking about 300 billion won in additional capital which represents about 5% of its market cap.
  • There could be concerns about dilution associated with this capital raise which could result in share price decline. The company is currently considering on issuing RCPS for this capital raise. 
  • There could be additional concerns about potential dilution associated with this capital raise which could result in further share price decline for Ecopro Materials.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars