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

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<p>Krafton announced its IPO price range of 458,000 won to 557,000 won. There will be 10 million shares offered in this IPO including 7 million new shares and 3 million old shares. At the high end of the IPO price range, the company would be raising 5.6 trillion won ($5 billion). This would be the biggest ever amount of money raised in Korea for an IPO since Samsung Life Insurance when it raised 4.8 trillion won in 2010. </p><p>According to the bankers' valuation, the expected market cap of the company is expected to be from 23.7 trillion won to 28.8 trillion won. The book building for the institutional investors starts on 28 June 2021.  </p><table class="table table-striped">
<colgroup>
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<tbody>
<tr>
<td style="width: 208pt;">Deal Specifics of the Krafton IPO:</td>
<td style="width: 278pt;"> </td>
</tr>
<tr>
<td>Lead underwriters of the IPO: </td>
<td style="width: 278pt;">Mirae Asset Daewoo Securities, Credit Suisse, NH Investment Securities, Citi Global Markets Securities, JP Morgan </td>
</tr>
<tr>
<td>Expected IPO price per share: </td>
<td style="width: 278pt;">458,000 won (low)/557,000 won (high)</td>
</tr>
<tr>
<td>Number of Shares for IPO:</td>
<td style="width: 278pt;">10m shares (7m new shares; 3m old shares)</td>
</tr>
<tr>
<td>IPO base deal size: </td>
<td style="width: 278pt;">US$4.1 bn (low);  US$5.0 bn (high)</td>
</tr>
<tr>
<td>Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 278pt;">51.766 m shares</td>
</tr>
<tr>
<td>Expected market cap after IPO:</td>
<td style="width: 278pt;">23.7 trillion won (low)/28.8 trillion won (high)</td>
</tr>
<tr>
<td>Book open: </td>
<td style="text-align: left; width: 278pt;">28-Jun-21</td>
</tr>
<tr>
<td>Book closed:</td>
<td style="text-align: left; width: 278pt;">9-Jul-21</td>
</tr>
<tr>
<td>Listing date: </td>
<td style="text-align: left; width: 278pt;">22-Jul-21</td>
</tr>
<tr>
<td>Source: Company data</td>
<td> </td>
</tr>
</tbody>
</table>

Krafton announced its IPO price range of 458,000 won to 557,000 won. There will be 10 million shares offered in this IPO including 7 million new shares and 3 million old shares. At the high end of the IPO price range, the company would be raising 5.6 trillion won ($5 billion). This would be the biggest ever amount of money raised in Korea for an IPO since Samsung Life Insurance when it raised 4.8 trillion won in 2010. According to the bankers' valuation, the expected market cap of the company is expected to be from 23.7 trillion won to 28.8 trillion won. The book building for the institutional investors starts on 28 June 2021.  






Deal Specifics of the Krafton IPO:
 


Lead underwriters of the IPO: 
Mirae Asset Daewoo Securities, Credit Suisse, NH Investment Securities, Citi Global Markets Securities, JP Morgan 


Expected IPO price per share: 
458,000 won (low)/557,000 won (high)


Number of Shares for IPO:
10m shares (7m new shares; 3m old shares)


IPO base deal size: 
US$4.1 bn (low);  US$5.0 bn (high)


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


Expected market cap after IPO:
23.7 trillion won (low)/28.8 trillion won (high)


Book open: 
28-Jun-21


Book closed:
9-Jul-21


Listing date: 
22-Jul-21


Source: Company data
 




Krafton

Krafton IPO Preview