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

Kakao Pay Listing: Revision Summary & Pricing Details

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Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<p>The following six major IPOs will debut in the Korean stock market in the second half of this year.</p><table class="table table-striped">
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<col width="100">
<col width="100">
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<td data-sheets-value='{"1":2,"2":"Major IPOs in Korea later this year"}'>Major IPOs in Korea later this year</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Tentative listing date"}'>Tentative listing date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Target valuation"}'><div><div>Estimated target valuation</div></div></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Heavy Industries"}'>Hyundai Heavy Industries</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"September"}'>September</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩4.5~5.3T"}'>₩4.5T~₩5.3T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Kakao Pay"}'><strong>Kakao Pay</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"October"}'><strong>October</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩8.0~12.0T"}'><strong>₩7.0T~₩11.0T</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Simone Accessory"}'>Simone Accessory Collection</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"October"}'>October</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩2.0T"}'>₩2.0T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Engineering"}'>Hyundai Engineering</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4th quarter"}'>4th quarter</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩7.0~9.0T"}'>₩8.0T~₩10.0T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Netmarble Neo"}'>Netmarble Neo</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4th quarter"}'>4th quarter</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩2.0T"}'>₩2.0T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Energy Solution"}'><strong>LG Energy Solution</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"4th quarter"}'><strong>4th quarter or next year</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩50.0~70.0T"}'><strong>₩50.0T~₩70.0T</strong></td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: Local news outlets"}'>Source: Local news outlets</td></tr>
</tbody>
</table><ul>
<li>First of all, <strong>Hyundai Heavy Industries</strong> will complete its listing by the end of September.</li>
<li>
<strong>Kakao Pay</strong> will submit a revised IPO prospectus next week and complete the listing process by October.</li>
<li>
<strong>Hyundai Engineering</strong>, in charge of plant and infrastructure at Hyundai Motor Group, is also expected to debut on the KOSPI around November. Hyundai Engineering's valuation is estimated at up to ₩10T.</li>
<li>In addition, <strong>Simone Accessory Collection</strong> and <strong>Netmarble Neo</strong> are also expected to make a debut on the KOSPI in the fourth quarter. They are each aiming for an IPO valuation of ₩2T.</li>
<li>However, <strong>LG Energy Solutions</strong>, originally scheduled to go public in October, is highly likely to delay the IPO schedule due to the GM recall incident this week.</li>
</ul>

The following six major IPOs will debut in the Korean stock market in the second half of this year.







Major IPOs in Korea later this year
Tentative listing date
Estimated target valuation


Hyundai Heavy Industries
September
₩4.5T~₩5.3T


Kakao Pay
October
₩7.0T~₩11.0T


Simone Accessory Collection
October
₩2.0T


Hyundai Engineering
4th quarter
₩8.0T~₩10.0T


Netmarble Neo
4th quarter
₩2.0T


LG Energy Solution
4th quarter or next year
₩50.0T~₩70.0T

Source: Local news outlets


First of all, Hyundai Heavy Industries will complete its listing by the end of September.

Kakao Pay will submit a revised IPO prospectus next week and complete the listing process by October.

Hyundai Engineering, in charge of plant and infrastructure at Hyundai Motor Group, is also expected to debut on the KOSPI around November. Hyundai Engineering's valuation is estimated at up to ₩10T.
In addition, Simone Accessory Collection and Netmarble Neo are also expected to make a debut on the KOSPI in the fourth quarter. They are each aiming for an IPO valuation of ₩2T.
However, LG Energy Solutions, originally scheduled to go public in October, is highly likely to delay the IPO schedule due to the GM recall incident this week.


Kakao Pay Listing Resumes Next Week, but LG Energy Solution IPO Delayed Possibly to Next Year

Kakaopay

Kakao Pay Listing Resumes Next Week, but LG Energy Solution IPO Delayed Possibly to Next Year