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

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

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Shift Up reported solid IPO book building results. Shift Up's IPO price has been determined at 60,000 won won, which is at the high end of the IPO price range.</li>
<li>According to Hankyung Business Daily, the demand ratio was 223 to 1. Shift Up will start trading on 11 July.</li>
<li>Our base case valuation of Shift Up is market cap of 5.7 trillion won or target price of 95,510 won (59% higher than the IPO price of 60,000 won).</li>
</ul>


Shift Up reported solid IPO book building results. Shift Up's IPO price has been determined at 60,000 won won, which is at the high end of the IPO price range.
According to Hankyung Business Daily, the demand ratio was 223 to 1. Shift Up will start trading on 11 July.
Our base case valuation of Shift Up is market cap of 5.7 trillion won or target price of 95,510 won (59% higher than the IPO price of 60,000 won).


Shift Up IPO Book Building Results Analysis