Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Trading Strategy of Lotte Rental IPO Post Bookbuilding Results

Turo IPO Preview: The Largest Car Sharing Marketplace in the World

Equity Capital Markets

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<p>Lotte Rental is offering 14.4 million shares in this IPO. Lotte Rental is the largest car rental company in Korea with about 22% market share. The IPO price range is from 47,000 won to 59,000 won. The IPO deal size is from US$595 million to  US$746 million.</p>
<p>According to the bankers' valuation, the expected market cap after the IPO will be 1.7 trillion won to 2.2 trillion won. The book building for the Lotte Rental IPO starts on August 3rd. Korea Investment &amp; Securities and NH Investment &amp; Securities are the lead underwriters of this IPO. </p>
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<td style="width: 233pt;"><div><strong>Deal Specifics of the Lotte Rental IPO:</strong></div></td>
<td style="width: 340pt;"> </td>
</tr>
<tr>
<td>Lead underwriters of the IPO: </td>
<td style="width: 340pt;">NH Investment &amp; Securiites, Korea Investment &amp; Securities</td>
</tr>
<tr>
<td>Expected IPO price per share: </td>
<td style="width: 340pt;">47,000 won (low)/59,000 won (high)</td>
</tr>
<tr>
<td>Number of Shares for IPO:</td>
<td style="width: 340pt;">14.42m shares (7.2m new shares and 7.2m old shares)</td>
</tr>
<tr>
<td>IPO base deal size: </td>
<td style="width: 340pt;">US$595 mn (low);  US$746 mn (high)</td>
</tr>
<tr>
<td>Expected common shares outstanding, fully diluted (post-IPO):  </td>
<td style="width: 340pt;">36.63m shares</td>
</tr>
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<td>Expected market cap after IPO:</td>
<td style="width: 340pt;">1,722 billion won (low)/2,161 billion won (high)</td>
</tr>
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<td>Book open: </td>
<td style="text-align: left; width: 340pt;">3-Aug-21</td>
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<td>Book closed:</td>
<td style="text-align: left; width: 340pt;">4-Aug-21</td>
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<td>Listing date: </td>
<td style="text-align: left; width: 340pt;">TBD</td>
</tr>
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<td>Source: Company data</td>
<td> </td>
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Lotte Rental is offering 14.4 million shares in this IPO. Lotte Rental is the largest car rental company in Korea with about 22% market share. The IPO price range is from 47,000 won to 59,000 won. The IPO deal size is from US$595 million to  US$746 million.
According to the bankers' valuation, the expected market cap after the IPO will be 1.7 trillion won to 2.2 trillion won. The book building for the Lotte Rental IPO starts on August 3rd. Korea Investment &amp; Securities and NH Investment &amp; Securities are the lead underwriters of this IPO. 







Deal Specifics of the Lotte Rental IPO:
 


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


Expected IPO price per share: 
47,000 won (low)/59,000 won (high)


Number of Shares for IPO:
14.42m shares (7.2m new shares and 7.2m old shares)


IPO base deal size: 
US$595 mn (low);  US$746 mn (high)


Expected common shares outstanding, fully diluted (post-IPO):  
36.63m shares


Expected market cap after IPO:
1,722 billion won (low)/2,161 billion won (high)


Book open: 
3-Aug-21


Book closed:
4-Aug-21


Listing date: 
TBD


Source: Company data
 




Lotte Rental

Lotte Rental IPO Preview