IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule

WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. </li>
<li>The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.</li>
<li>While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. 
The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.
While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.


WCP IPO: Final IPO Price Set, Still an Avoid