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

Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

SOCAR Revised Prospectus: Critical Issues Still Not Addressed

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

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>In SOCAR's IPO, the early investors' post-listing flow direction draws the market's attention as much as the valuation issue.</li>
<li>Even this pricing level is high enough to infer that these VCs will be tempted to consider exiting after listing. A significant level of short-term overhang risk is inevitable.</li>
<li>Then, we need to factor in the Lotte factor, which will likely expand its stake after listing to secure management rights for Socar.</li>
</ul>


In SOCAR's IPO, the early investors' post-listing flow direction draws the market's attention as much as the valuation issue.
Even this pricing level is high enough to infer that these VCs will be tempted to consider exiting after listing. A significant level of short-term overhang risk is inevitable.
Then, we need to factor in the Lotte factor, which will likely expand its stake after listing to secure management rights for Socar.


SOCAR IPO Post-Listing Flow: VC-Triggered Overhang Vs. Lotte's Counter Move