In today’s briefing:
- Park24 Placement – Large Deal to Digest and a Long Settlement Period
- Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang
- Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views
- One Store IPO – Outpaced Industry, Bottom-End Seems Justified
Park24 Placement – Large Deal to Digest and a Long Settlement Period
- Park24 Co Ltd (4666 JP) aims to raise around JPY25.5bn (US$210m) via selling 16m new shares at a fixed price of JPY1,644, representing a 9.9% discount to last close.
- Proceeds from the deal will be geared towards digital investment towards improving the firm’s business efficiency and for expanding its mobility fleet.
- In this note, we will talk about the firm’s track record and run the deal through our ECM framework.
Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang
- Samsung Biologics (207940 KS) has succeeded in a rights offering worth ₩3.2T to the existing shareholders. The subscription rate of the existing shareholders and the ESOP came out at 100.25%.
- The size of immediately floatable shares is estimated at 1 million, representing 1.55% of SO and 22.82x ADTV. It is a size that will significantly impact the short-term flow.
- There is a sufficient circumstantial probability that the 1M new stocks, currently at a 20% return, will lead to immediate profit realization after listing.
Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views
- Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.
- In Zhihu Dual-Primary Listing: A Question of Judgment, we stated that while a loss-making tech name is not everybody’s cup of tea, Zhihu has resilient performance and an undemanding valuation.
- In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.
One Store IPO – Outpaced Industry, Bottom-End Seems Justified
- ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
- One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
- Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations.
Before it’s here, it’s on Smartkarma
