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

SK Biopharm IPO Industry Analysis & Contract Details

SK Biopharmaceuticals IPO: Offering Terms & Issues for Consideration

SK Holdings: Strong Momentum from SK Biopharm IPO & Updated SoTP Valuation Analysis

Roh So-Young & Chey Tae-Won Split: The Biggest Ever Divorce Case in Korea (Impact on SK Holdings?)

SK Holdings Buyback Progress & IPO of SK Biopharm - The Next Big Catalyst

SK Holdings SoTP Valuation Sensitivity Analysis

Smartkarma Webinar | SK Group Restructuring - What, When and How?

SK Telecom: Name Change & IPOs of SK Broadband, ADT Caps, & 11st (Harbinger of SK Reorganization)?

Equity Capital Markets

SK Biopharmaceuticals   / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966" rel="noopener">SK Biopharmaceuticals (BIO SK)</a> is getting ready to complete an IPO in the Korean stock market in June. The SK Biopharm will be one of the biggest IPOs in the Korean stock market in 2020. Established in 1993, SK Biopharm has spearheaded the new drug development activities within the SK Group. According to the bankers' valuation, the expected market cap at the IPO is between 2.8 trillion won to 3.8 trillion won.
The IPO price range is from 36,000 won to 49,000 won and the IPO amount to be raised is from 705 billion won to 959 billion won. The book-building from the institutional investors will be from June 17th to 18th and the listing is expected to be in late June. The lead underwriters of this IPO include NH Investment &amp; Securities and Citi Global Markets. The joint book-runners include Morgan Stanley and Korea Investment &amp; Securities. 
To value SK Biopharm, the bankers took three major drugs made by the company including Cenobamate, Solriamfetol, and Carisbamate. The bankers then took the expected market size of each of these drugs and combined them which totaled 660.1 billion won. Then the EV/Pipeline multiple of 7.2x was applied, which resulted in an implied EV of 4.8 trillion won. After subtracting net debt, the implied market cap of SK Biopharm was 4.7 trillion won or 59,792 won per share. After applying IPO discount rates of 18.05% - 39.79%, this resulted in the IPO price range of 36,000 won to 49,000 won. 
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SK Biopharmaceuticals (BIO SK) is getting ready to complete an IPO in the Korean stock market in June. The SK Biopharm will be one of the biggest IPOs in the Korean stock market in 2020. Established in 1993, SK Biopharm has spearheaded the new drug development activities within the SK Group. According to the bankers' valuation, the expected market cap at the IPO is between 2.8 trillion won to 3.8 trillion won.
The IPO price range is from 36,000 won to 49,000 won and the IPO amount to be raised is from 705 billion won to 959 billion won. The book-building from the institutional investors will be from June 17th to 18th and the listing is expected to be in late June. The lead underwriters of this IPO include NH Investment &amp; Securities and Citi Global Markets. The joint book-runners include Morgan Stanley and Korea Investment &amp; Securities. 
To value SK Biopharm, the bankers took three major drugs made by the company including Cenobamate, Solriamfetol, and Carisbamate. The bankers then took the expected market size of each of these drugs and combined them which totaled 660.1 billion won. Then the EV/Pipeline multiple of 7.2x was applied, which resulted in an implied EV of 4.8 trillion won. After subtracting net debt, the implied market cap of SK Biopharm was 4.7 trillion won or 59,792 won per share. After applying IPO discount rates of 18.05% - 39.79%, this resulted in the IPO price range of 36,000 won to 49,000 won. 


SK Biopharmaceuticals

SK Biopharm IPO Preview