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

Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players

Equity Capital Markets

<p>Hancom Lifecare is the leading provider of personal safety equipment products in Korea including air respirators, general masks, protective clothing, and gas masks to domestic fire departments, military units, police, and retail consumers.</p><p><a href="https://www.smartkarma.com/entities/hancom-lifecare-inc" target="_blank" data-smartkarma-citation="entities:33518:1" rel="noopener">Hancom Lifecare (372910 KS)</a> is offering 8.3 million shares at IPO price of 10,700 won to 13,700 won per share. The IPO deal size is from $79 million to $101 million. According to the bankers' valuation, the company would be valued at 307 billion won to 393 billion won. The book building for the institutional investors starts on 29 July 2021. Mirae Asset Securities is the lead underwriter of this IPO.</p><table class="table table-striped">
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<td style="width: 237.13px;"><div style="text-align: start;"><div><div>Deal Specifics of the Hancom Lifecare IPO:</div></div></div></td>
<td style="width: 377.23px;"> </td>
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<td style="width: 237.13px;">Lead underwriters of the IPO: </td>
<td style="width: 377.23px;">Mirae Asset Securities</td>
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<td style="width: 237.13px;">Expected IPO price per share: </td>
<td style="width: 377.23px;">10,700 won (low)/13,700 won (high)</td>
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<td style="width: 237.13px;">Number of Shares for IPO:</td>
<td style="width: 377.23px;">8.3m shares (4.5m new shares and 3.8m old shares)</td>
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<td style="width: 237.13px;">IPO base deal size: </td>
<td style="width: 377.23px;">US$79 mn (low);  US$101 mn (high)</td>
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<td style="width: 237.13px;">Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 377.23px;">28.68m shares</td>
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<td style="width: 237.13px;">Expected market cap after IPO:</td>
<td style="width: 377.23px;">307 billion won (low)/393 billion won (high)</td>
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<td style="width: 237.13px;">Book open: </td>
<td style="text-align: left; width: 377.23px;">29-Jul-21</td>
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<td style="width: 237.13px;">Book closed:</td>
<td style="text-align: left; width: 377.23px;">30-Jul-21</td>
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<td style="width: 237.13px;">Listing date: </td>
<td style="text-align: left; width: 377.23px;">TBC</td>
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<td style="width: 237.13px;">Source: Company data</td>
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</table><p><strong>Major Shareholder</strong> - <a href="https://www.smartkarma.com/entities/hancom-inc" target="_blank" data-smartkarma-citation="entities:13366:1" rel="noopener">Hancom Inc (030520 KS)</a> is the major shareholder of Hancom Lifecare with a 40.15% stake in the company.</p><p>See our insight <a href="https://www.smartkarma.com/insights/korea-small-cap-gem-2-hancom-inc" target="_blank" data-smartkarma-citation="insights:39627" rel="noopener">Korea Small Cap Gem #2: Hancom Inc</a> for more details on the controlling shareholder of Hancom Lifecare. Hancom's shares have performed handsomely since our insight on this company in May 2020. </p>

Hancom Lifecare is the leading provider of personal safety equipment products in Korea including air respirators, general masks, protective clothing, and gas masks to domestic fire departments, military units, police, and retail consumers.Hancom Lifecare (372910 KS) is offering 8.3 million shares at IPO price of 10,700 won to 13,700 won per share. The IPO deal size is from $79 million to $101 million. According to the bankers' valuation, the company would be valued at 307 billion won to 393 billion won. The book building for the institutional investors starts on 29 July 2021. Mirae Asset Securities is the lead underwriter of this IPO.






Deal Specifics of the Hancom Lifecare IPO:
 


Lead underwriters of the IPO: 
Mirae Asset Securities


Expected IPO price per share: 
10,700 won (low)/13,700 won (high)


Number of Shares for IPO:
8.3m shares (4.5m new shares and 3.8m old shares)


IPO base deal size: 
US$79 mn (low);  US$101 mn (high)


Expected common shares outstanding, fully diluted (post-IPO):  
28.68m shares


Expected market cap after IPO:
307 billion won (low)/393 billion won (high)


Book open: 
29-Jul-21


Book closed:
30-Jul-21


Listing date: 
TBC


Source: Company data
 


Major Shareholder - Hancom Inc (030520 KS) is the major shareholder of Hancom Lifecare with a 40.15% stake in the company.See our insight Korea Small Cap Gem #2: Hancom Inc for more details on the controlling shareholder of Hancom Lifecare. Hancom's shares have performed handsomely since our insight on this company in May 2020. 

Hancom Lifecare

Hancom Lifecare IPO Preview