In today’s briefing:
- Ecopro Materials IPO Prospectus Filed Today: Anticipating Inevitable Valuation Controversy
- Ecopro Materials IPO Preview
- KOSDAQ 150 Rebalance Candidates in December 2023
- Seoul Guarantee Insurance Pre-IPO Peer Comparison – While ROE Lagged, Has Been Overcapitalised
Ecopro Materials IPO Prospectus Filed Today: Anticipating Inevitable Valuation Controversy
- The indicative price band is ₩36,200 to ₩46,000. Accordingly, the market capitalization implied by the price band is ₩2.68T to ₩3.40T.
- The concern arises as to whether Ecopro Materials can consistently deliver a level of profitability that justifies receiving an equivalent valuation multiple to that of Ecopro BM.
- The timing of this IPO coincides with the ongoing valuation correction in the local battery sector, making the valuation issue the most critical point to watch in this IPO.
Ecopro Materials IPO Preview
- Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won.
- The IPO offering amount is from 524 billion won to 666 billion won. The expected IPO market cap is from 2.7 trillion won to 3.4 trillion won.
- The bankers used four companies including CNGR, Posco Future M (003670 KS), L&F, and Cosmo AM&T (005070 KS) as comps for Ecopro Materials.
KOSDAQ 150 Rebalance Candidates in December 2023
- In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023.
- The 8 lowest market cap stocks in KOSDAQ 150 are among the main candidates to be excluded from the KOSDAQ 150 rebalance in December 2023.
- Potential inclusions for KOSDAQ 150 rebalance in December 2023 include Fadu, GigaVis, Jeio, PhilEnergy, and Manyo Factory.
Seoul Guarantee Insurance Pre-IPO Peer Comparison – While ROE Lagged, Has Been Overcapitalised
- Seoul Guarantee Insurance (031210 KS) is looking to raise around US$270m in its Korean IPO.
- Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
- We have looked at the firm’s past performance in earlier notes. In this note, we undertake a peer comparison.
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