In today’s briefing:
- K Bank IPO Preview
- K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise
K Bank IPO Preview
- K Bank finally provided its IPO prospectus which includes more details of the IPO than what the company already announced about the IPO several days ago.
- Bankers used KakaoBank, SBI Sumishin Net Bank, and Bancorp Inc as comps. Average PBR of 2.56x was used to value K Bank.
- Some investors will question the inclusion of overseas comps including SBI Sumishin Net Bank and Bancorp in the valuation of K Bank.
K-Bank’s IPO Details Out: Aggressive Pricing, but as a Crypto Play, It Might Surprise
- Compared to its overseas peers, K-Bank’s high valuation still stands out due to a significant gap in net income size relative to market cap.
- The offering structure, with 50% secondary sales and weak lock-up commitments, means post-IPO float could spike to around 40%, making a stock price bump unlikely.
- K-Bank’s crypto-focused model might attract investors valuing it as a crypto play, potentially influencing IPO pricing and post-listing stock performance.
💡 Before it’s here, it’s on Smartkarma
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