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

Equity Capital Markets

MiCo BioMed Co Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/mico-biomed-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:29240:1">MiCo BioMed Co Ltd (214610 KS)</a> is an interesting IPO, capitalizing on the price discount of the KONEX exchange. The IPO price range of this company is from 12,000 won to 15,000 won. This stock is already trading on the KONEX exchange at 24,550 won. As a result, if the IPO is priced at the high end of the IPO price range of 15,000 won, the investors may be able to take immediate profits of nearly 64% (assuming no lock-up period).The IPO is scheduled to take place on October 6th and the institutional investors bookbuilding closes on September 4th so one of the risks include uncertainty in how the stock would perform for about a month prior to the actual IPO date.Our base case valuation of the company suggests an implied market cap of 413 billion won or 22,564 won per share. Our base case valution of 22,564 won per share is 50% higher than the high end of the IPO price range of 15,000 won.

MiCo BioMed Co Ltd (214610 KS) is an interesting IPO, capitalizing on the price discount of the KONEX exchange. The IPO price range of this company is from 12,000 won to 15,000 won. This stock is already trading on the KONEX exchange at 24,550 won. As a result, if the IPO is priced at the high end of the IPO price range of 15,000 won, the investors may be able to take immediate profits of nearly 64% (assuming no lock-up period).The IPO is scheduled to take place on October 6th and the institutional investors bookbuilding closes on September 4th so one of the risks include uncertainty in how the stock would perform for about a month prior to the actual IPO date.Our base case valuation of the company suggests an implied market cap of 413 billion won or 22,564 won per share. Our base case valution of 22,564 won per share is 50% higher than the high end of the IPO price range of 15,000 won.

Mico Biomed IPO Valuation Analysis - Capitalize on the KONEX Exchange Discount