In today’s briefing:
- One Store IPO: Changes Comps But Maintains Same IPO Price Range
- One Store IPO – Refiling Updates, No Change to Price Tag
One Store IPO: Changes Comps But Maintains Same IPO Price Range
- One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.
- The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.
- Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won.
One Store IPO – Refiling Updates, No Change to Price Tag
- ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
- One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.
- Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.
Before it’s here, it’s on Smartkarma
