Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Bionote: IPO Price Reduced Significantly & Bookbuilding Results

End of Mandatory Lock-Up Periods for 45 Companies in Korea in June 2023

SD Biosensor: Rights Offering Worth Nearly 310 Billion Won (Will Bionote Fund Most of This?)

Bionote Pre-IPO - The Positives - Expanding Product Portfolio and Vertically Integrated

Equity Capital Markets

<ul>
<li>Bionote has delayed its IPO timeline. Now, the company expects to complete its IPO in late December. The book building for the institutional investors will now start on 8 December.</li>
<li>Our updated base case valuation is target price of 16,966 won per share, which is 6% lower than the low end of the IPO price range. </li>
<li>Given the downside risk relative to the IPO price range, we have a Negative View of the BioNote IPO. </li>
</ul>


Bionote has delayed its IPO timeline. Now, the company expects to complete its IPO in late December. The book building for the institutional investors will now start on 8 December.
Our updated base case valuation is target price of 16,966 won per share, which is 6% lower than the low end of the IPO price range. 
Given the downside risk relative to the IPO price range, we have a Negative View of the BioNote IPO. 


Bionote IPO - Delayed Timeline & Updated Valuation Analysis