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

Millie's Library IPO Book Building Results Analysis

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

Equity Capital Markets

<ul>
<li>Our base case valuation of the company is target price of 26,404 won per share, which represents 6% higher than the high end of the IPO price range.</li>
<li>Given the low upside, we have a Negative view of this IPO.</li>
<li>All in all, while we believe Millie's Library is a solid company with excellent fundamentals, the IPO price range is not valued at meaningful discount to the intrinsic value.</li>
</ul>


Our base case valuation of the company is target price of 26,404 won per share, which represents 6% higher than the high end of the IPO price range.
Given the low upside, we have a Negative view of this IPO.
All in all, while we believe Millie's Library is a solid company with excellent fundamentals, the IPO price range is not valued at meaningful discount to the intrinsic value.


Millie Seojae

Millie's Library IPO Valuation Analysis