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

HK Inno.N (Formerly CJ Healthcare) IPO: Offering Detail & Valuation Issues

HK Inno.N Bookbuilding Results: Subscription/Lockup Orders in Detail

Korea Small Cap Gem #7: Korea Kolmar - Get the Core Cosmetics Business for Free (Ex HK Inno.N)

Korea Kolmar Consortium Named Preferred Bidder for CJ Healthcare - Biggest M&A Deal in Korea YTD

Korea M&A Spotlight: CJ Group Plans to Sell CJ Healthcare - Is This On or Off?

Equity Capital Markets

<p>HK Inno.N ("Inno.N") is getting ready for an IPO in the Korean stock market. The IPO price range is from 50,000 won to 59,000 won. The company is offering 10.1 million shares in this IPO including 5.8 million new shares and 4.3 million old shares. The IPO deal size is from $447 million to $527 million.</p><p>According to the bankers' valuation, the expected market cap after the IPOs is from 1.4 trillion won ($1.2 billion) to 1.7 trillion won ($1.5 billion). The book building for the institutional investors starts on 22 July 2021. Korea Investment &amp; Securites and Samsung Securities are the lead underwriters of this IPO. </p><p><a href="https://www.smartkarma.com/entities/korea-kolmar-co-ltd" target="_blank" data-smartkarma-citation="entities:7985:1" rel="noopener">Korea Kolmar (161890 KS)</a> is the controlling shareholder of <a href="https://www.hkn24.com/news/articleView.html?idxno=319760" target="_blank" rel="noopener">HK Inno.N</a> with a 52.7% stake in the company. </p><p>HK Inno.N IPO will be on KOSDAQ. At the high end of the IPO price range, this would be valued at 1.7 trillion won. Currently, there are 23 stocks that have more than 1.7 trillion won in market cap on KOSDAQ. </p><table class="table table-striped">
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<td style="width: 248pt;"><div><strong>Deal Specifics of the HK Inno.N IPO:</strong></div></td>
<td style="width: 310pt;"> </td>
</tr>
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<td>Lead underwriters of the IPO: </td>
<td style="width: 310pt;">Korea Investment &amp; Securities, Samsung Securities</td>
</tr>
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<td>Expected IPO price per share: </td>
<td style="width: 310pt;">50,000 won (low)/59,000 won (high)</td>
</tr>
<tr>
<td>Number of Shares for IPO:</td>
<td style="width: 310pt;">10.1m shares (5.8m new shares and 4.3m old shares)</td>
</tr>
<tr>
<td>IPO base deal size: </td>
<td style="width: 310pt;">US$447 mn (low);  US$527 mn (high)</td>
</tr>
<tr>
<td>Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 310pt;">28.9m shares</td>
</tr>
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<td>Expected market cap after IPO:</td>
<td style="width: 310pt;">1,445 billion won (low)/1,705 billion won (high)</td>
</tr>
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<td>Book open: </td>
<td style="text-align: left; width: 310pt;">22-Jul-21</td>
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<td>Book closed:</td>
<td style="text-align: left; width: 310pt;">26-Jul-21</td>
</tr>
<tr>
<td>Listing date: </td>
<td style="text-align: left; width: 310pt;">TBC</td>
</tr>
<tr>
<td>Source: Company data</td>
<td style="width: 310pt;"> </td>
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HK Inno.N ("Inno.N") is getting ready for an IPO in the Korean stock market. The IPO price range is from 50,000 won to 59,000 won. The company is offering 10.1 million shares in this IPO including 5.8 million new shares and 4.3 million old shares. The IPO deal size is from $447 million to $527 million.According to the bankers' valuation, the expected market cap after the IPOs is from 1.4 trillion won ($1.2 billion) to 1.7 trillion won ($1.5 billion). The book building for the institutional investors starts on 22 July 2021. Korea Investment &amp; Securites and Samsung Securities are the lead underwriters of this IPO. Korea Kolmar (161890 KS) is the controlling shareholder of HK Inno.N with a 52.7% stake in the company. HK Inno.N IPO will be on KOSDAQ. At the high end of the IPO price range, this would be valued at 1.7 trillion won. Currently, there are 23 stocks that have more than 1.7 trillion won in market cap on KOSDAQ. 






Deal Specifics of the HK Inno.N IPO:
 


Lead underwriters of the IPO: 
Korea Investment &amp; Securities, Samsung Securities


Expected IPO price per share: 
50,000 won (low)/59,000 won (high)


Number of Shares for IPO:
10.1m shares (5.8m new shares and 4.3m old shares)


IPO base deal size: 
US$447 mn (low);  US$527 mn (high)


Expected common shares outstanding, fully diluted (post-IPO):  
28.9m shares


Expected market cap after IPO:
1,445 billion won (low)/1,705 billion won (high)


Book open: 
22-Jul-21


Book closed:
26-Jul-21


Listing date: 
TBC


Source: Company data
 




HK inno.N

HK Inno.N IPO Preview