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

Korea Small Cap Gem #11: DSC Investment - One of the Most Prolific Investors of Korean Unicorns

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Capital Markets

<ul>
<li>KTB Network announced its IPO price which was finalized at 5,800 won (low end of the IPO price range). The demand ratio from the institutional investors was 50 to 1.</li>
<li>There were 93.3% of the total IPO shares applied by the institutions that had the intrinsic value of KTB Network of more than 7,200 won.</li>
<li>Our base case valuation of KTB Network is market cap of 938.3 billion won or 9,383 won per share, which is 62% higher than the IPO price of 5,800 won.</li>
</ul>


KTB Network announced its IPO price which was finalized at 5,800 won (low end of the IPO price range). The demand ratio from the institutional investors was 50 to 1.
There were 93.3% of the total IPO shares applied by the institutions that had the intrinsic value of KTB Network of more than 7,200 won.
Our base case valuation of KTB Network is market cap of 938.3 billion won or 9,383 won per share, which is 62% higher than the IPO price of 5,800 won.


KTB Network

KTB Network IPO Book Building Results