Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Enzychem Lifesciences IPO Rescheduling Summary

Equity Capital Markets

Enzychem Lifesciences Corp / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26185" target="_blank" data-smartkarma-citation="entities:26185:1">Enzychem Lifesciences Corp (183490 KS)</a> submitted the revised version of IPO book on Jan 22.<div class="content-highlight">Here is the link of this new IPO book.<a href="https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20180122000172" target="_blank">https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20180122000172</a></div>The indicative price band is adjusted to reflect the current price on KONEX. As a result, we now have a ₩45,000 - ₩70,000 range (previously ₩27,000 - ₩37,000). At the lower end ₩45,000, the company will raise a total of ₩34.65bil (previously ₩20.79bil) from this IPO, which means the company's total value will amount to ₩355.3bil (previously ₩213.1bil).<table class="table table-striped"><tbody><tr><td colspan="2" style="width: 732px;">IPO summary</td></tr><tr><td style="width: 301.80706787109375px;">Company name</td><td style="width: 430.19293212890625px;"><a href="https://www.smartkarma.com/entities/26185" target="_blank" data-smartkarma-citation="entities:26185:1">Enzychem Lifesciences Corp (183490 KS)</a></td></tr><tr><td style="width: 301.80706787109375px;">Foundation</td><td style="width: 430.19293212890625px;">July 20, 1999- Got listed in KONEX on Sep 25, 2013</td></tr><tr><td style="width: 301.80706787109375px;">CEO</td><td style="width: 430.19293212890625px;">Son Ki-young</td></tr><tr><td style="width: 301.80706787109375px;">HQ address</td><td style="width: 430.19293212890625px;">F15 Trust Tower 60, Mabang-ro, Seocho-gu, Seoul, Korea</td></tr><tr><td style="width: 301.80706787109375px;">Corporate homepage</td><td style="width: 430.19293212890625px;"><a href="https://www.smartkarma.com/messages/www.enzychem.com" target="_blank">www.enzychem.com</a></td></tr><tr><td style="width: 301.80706787109375px;">Industry / specialty</td><td style="width: 430.19293212890625px;">It manufactures active pharmaceutical ingredients, pharmaceutical intermediates, and cosmetic ingredients. It also also produces functional health foods and finished drug products.</td></tr><tr><td style="width: 301.80706787109375px;">Total number of share offerings</td><td style="width: 430.19293212890625px;">770,000 shares(100% new rights offering)</td></tr><tr><td colspan="2" style="width: 301.80706787109375px;"><hr></td></tr><tr><td style="width: 301.80706787109375px;">Indicative price band</td><td style="width: 430.19293212890625px;">₩45,000 - ₩70,000 (previously ₩27,000 - ₩37,000)</td></tr><tr><td style="width: 301.80706787109375px;">Total amount to be raised (at ₩45,000)</td><td style="width: 430.19293212890625px;">₩34,650,000,000 (previously ₩20,790,000,000)</td></tr><tr><td style="width: 301.80706787109375px;">Target valuation (at ₩45,000)</td><td style="width: 430.19293212890625px;">₩355.3bil (previously ₩213.1bil)</td></tr><tr><td colspan="2" style="width: 301.80706787109375px;"><hr></td></tr><tr><td style="width: 301.80706787109375px;">Bookrunners</td><td style="width: 430.19293212890625px;">KIS</td></tr><tr><td style="width: 301.80706787109375px;">Bourse</td><td style="width: 430.19293212890625px;">KOSDAQ</td></tr><tr><td colspan="2" style="width: 732px;">Source: DART</td></tr></tbody></table><div>We will have a new bookbuilding on Feb 5-6, and the IPO price will be finalized on Feb 7. Subscription will take place on Feb 8-9. Settlement will be Feb 13.<table class="table table-striped"><tbody><tr><td colspan="2" style="width: 734px;">Event schedule</td></tr><tr><td style="width: 302.9347839355469px;">Bookbuilding</td><td style="text-align: left; width: 431.065px;">Feb 5-6</td></tr><tr><td style="width: 302.9347839355469px;">IPO price determination</td><td style="text-align: left; width: 431.065px;">Feb 7</td></tr><tr><td style="width: 302.9347839355469px;">Subscription</td><td style="text-align: left; width: 431.065px;">Feb 8-9</td></tr><tr><td style="width: 302.9347839355469px;">Allocation/settlement (payment)</td><td style="text-align: left; width: 431.065px;">Feb 13</td></tr><tr><td colspan="2" style="width: 734px;">Source: DART</td></tr></tbody></table><hr><div class="content-highlight">→ Why do we have another bookbuilding with a new price band? I already explained this in detail in my previous insight. Please refer to the below insight for this.<a href="https://www.smartkarma.com/insights/enzychem-lifesciences-ipo-rescheduling-summary" target="_blank" data-smartkarma-citation="insights:16951">Enzychem Lifesciences IPO Rescheduling Summary</a></div></div>

Enzychem Lifesciences Corp (183490 KS) submitted the revised version of IPO book on Jan 22.Here is the link of this new IPO book.https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20180122000172The indicative price band is adjusted to reflect the current price on KONEX. As a result, we now have a ₩45,000 - ₩70,000 range (previously ₩27,000 - ₩37,000). At the lower end ₩45,000, the company will raise a total of ₩34.65bil (previously ₩20.79bil) from this IPO, which means the company's total value will amount to ₩355.3bil (previously ₩213.1bil).IPO summaryCompany nameEnzychem Lifesciences Corp (183490 KS)FoundationJuly 20, 1999- Got listed in KONEX on Sep 25, 2013CEOSon Ki-youngHQ addressF15 Trust Tower 60, Mabang-ro, Seocho-gu, Seoul, KoreaCorporate homepagewww.enzychem.comIndustry / specialtyIt manufactures active pharmaceutical ingredients, pharmaceutical intermediates, and cosmetic ingredients. It also also produces functional health foods and finished drug products.Total number of share offerings770,000 shares(100% new rights offering)Indicative price band₩45,000 - ₩70,000 (previously ₩27,000 - ₩37,000)Total amount to be raised (at ₩45,000)₩34,650,000,000 (previously ₩20,790,000,000)Target valuation (at ₩45,000)₩355.3bil (previously ₩213.1bil)BookrunnersKISBourseKOSDAQSource: DARTWe will have a new bookbuilding on Feb 5-6, and the IPO price will be finalized on Feb 7. Subscription will take place on Feb 8-9. Settlement will be Feb 13.Event scheduleBookbuildingFeb 5-6IPO price determinationFeb 7SubscriptionFeb 8-9Allocation/settlement (payment)Feb 13Source: DART→ Why do we have another bookbuilding with a new price band? I already explained this in detail in my previous insight. Please refer to the below insight for this.Enzychem Lifesciences IPO Rescheduling Summary

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Enzychem Lifesciences New IPO Book Summary