In today’s briefing:
- Webtoon Entertainment (WBTN US) IPO: Valuation Insights
- Webtoon Entertainment IPO – Thoughts on Valuation
- Bajaj Housing Finance Pre-IPO – The Positives – Strong Brand, Fast Growth
- Webtoon Entertainment IPO Valuation Analysis
Webtoon Entertainment (WBTN US) IPO: Valuation Insights
- Webtoon Entertainment (WBTN US) is a global storytelling platform. Webtoon has launched a Nasdaq IPO to raise US$270-315 million at a US$18.00 to US$21.00 price range.
- We previously discussed the IPO in Webtoon Entertainment IPO: The Bull Case and Webtoon Entertainment (WBTN US) IPO: The Bear Case.
- In this note, we outline our forecasts and valuation. Our valuation analysis suggests that Webtoon is attractively valued at the IPO price range.
Webtoon Entertainment IPO – Thoughts on Valuation
- Webtoon Entertainment (WBTN US) is looking to raise up to US$315m in its US IPO, down from an earlier reported float of US$500m.
- Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
- In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.
Bajaj Housing Finance Pre-IPO – The Positives – Strong Brand, Fast Growth
- Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
- BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
- In this note, we talk about the positive aspects of the deal.
Webtoon Entertainment IPO Valuation Analysis
- Webtoon announced that it is targeting a valuation of up to US$2.7 billion in the upcoming IPO. The IPO price range is from US$18 to US$21 per share.
- The company is aiming to raise as much as US$315 million in this IPO. Blackrock Asset Management has indicated interest of purchasing up to US$50 million in this IPO.
- Our base case valuation of Webtoon is market cap of US$3.6 billion or target price of US$27.9 per share (33% higher than the high end of the IPO price range).
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