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

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?)

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

Bionote IPO - Delayed Timeline & Updated Valuation Analysis

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

Equity Capital Markets

<ul>
<li>Bionote slashed its IPO price to 9,000 won, which is 50% lower than the low end of the previous IPO valuation range. </li>
<li>Our base case valuation has been revised down to 12,741 won per share in target price, which is 41% higher than the IPO price of 9,000 won.</li>
<li>The company is expected to have more than 615 billion in net cash post the IPO, which is expected to represent nearly 65% of its market cap!</li>
</ul>


Bionote slashed its IPO price to 9,000 won, which is 50% lower than the low end of the previous IPO valuation range. 
Our base case valuation has been revised down to 12,741 won per share in target price, which is 41% higher than the IPO price of 9,000 won.
The company is expected to have more than 615 billion in net cash post the IPO, which is expected to represent nearly 65% of its market cap!


Bionote: IPO Price Reduced Significantly & Bookbuilding Results