Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Homeplus REIT IPO: A Key Landmark Deal in the History of the Korean REIT Market

Homeplus REIT IPO - The Largest Ever REIT IPO in Korea

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/nh-prime-reit" target="_blank" data-smartkarma-citation="entities:28399:1" rel="noopener">NH Prime REIT (338100 KS)</a> is the latest REIT IPO in Korea. It offers 13.76M shares for ₩68.8bil at an indicative price of ₩5,000, which puts the valuation at ₩93.3bil. It represents 73.74% of the total shares. The institutional allotment is 29.1%, while the remaining 70.9% will go to retail investors. The book opens today and runs until tomorrow. Then, the payment is due on Nov 22. The KRX will list the new shares on Dec 5. NH Sec serves as the leading banker with the three co-underwriters: Kiwoom, Hana, and KIS.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/105/868/original/1.png?1573617152" class="editor-image img-responsive" data-smartkarma-image-id="105868"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/105/869/original/2.png?1573617160" class="editor-image img-responsive" data-smartkarma-image-id="105869"></figure><figure class="editor-figure mceNonEditable"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/105/873/original/3.png?1573618014" class="editor-image img-responsive" data-smartkarma-image-id="105873"></figure><p></p></figure>

NH Prime REIT (338100 KS) is the latest REIT IPO in Korea. It offers 13.76M shares for ₩68.8bil at an indicative price of ₩5,000, which puts the valuation at ₩93.3bil. It represents 73.74% of the total shares. The institutional allotment is 29.1%, while the remaining 70.9% will go to retail investors. The book opens today and runs until tomorrow. Then, the payment is due on Nov 22. The KRX will list the new shares on Dec 5. NH Sec serves as the leading banker with the three co-underwriters: Kiwoom, Hana, and KIS.

NH Prime REIT: First FOF REIT IPO in Korea