Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

DTS designs and manufactures air-cooled heat exchangers and condensers used in power and industrial sectors.

<ul>
<li>DTS finalized its IPO price at 18,500 won (high end of IPO price range). A total of 2,381 institutions participated in the demand forecasting. Demand ratio was 983.98 to 1.  </li>
<li>Based on the finalized offering price, the total proceeds from the IPO amount to approximately 41.2 billion won, and the company's expected market capitalization post-listing is around 275.3 billion won.</li>
<li>My base case valuation of DTS is a target price 29,360 won per share, which is 59% higher than the IPO price (18,500 won). </li>
</ul>


DTS finalized its IPO price at 18,500 won (high end of IPO price range). A total of 2,381 institutions participated in the demand forecasting. Demand ratio was 983.98 to 1.  
Based on the finalized offering price, the total proceeds from the IPO amount to approximately 41.2 billion won, and the company's expected market capitalization post-listing is around 275.3 billion won.
My base case valuation of DTS is a target price 29,360 won per share, which is 59% higher than the IPO price (18,500 won). 


<ul>
<li>My base case valuation of DTS is a target price of 29,360 won per share, which is 59% higher than the high end of the IPO price range (18,500 won). </li>
<li>For my base case valuation, I used a P/E multiple of 12.3x based on my estimated net profit of 35.6 billion won in 2027.</li>
<li>DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants. DTS is expanding into AI data centers and sustainable industrial waste-heat recovery systems.</li>
</ul>


My base case valuation of DTS is a target price of 29,360 won per share, which is 59% higher than the high end of the IPO price range (18,500 won). 
For my base case valuation, I used a P/E multiple of 12.3x based on my estimated net profit of 35.6 billion won in 2027.
DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants. DTS is expanding into AI data centers and sustainable industrial waste-heat recovery systems.


KMF Co Ltd operates as a biotechnology company. The Company develops, research, and produces food, cosmetics, bio-functional ingredients, bio-materials, and finished products through advanced fermentation technology solutions. KMF serves customers in Korea.

<ul>
<li>KMF is getting ready to complete its IPO on the KOSDAQ market in November. The indicative IPO price range is 15,000 to 17,800 won per share.</li>
<li>Since its establishment in 2002, KMF has developed and produced functional food and bio-materials based on fermentation and enzyme technologies.</li>
<li>Total revenue and net income increased by 259% and 1,018%, respectively from 2023 to 2025. KMF's operating margins are extremely high at 55.8% in 2025 and 51.9% in 1H 2026. </li>
</ul>


KMF is getting ready to complete its IPO on the KOSDAQ market in November. The indicative IPO price range is 15,000 to 17,800 won per share.
Since its establishment in 2002, KMF has developed and produced functional food and bio-materials based on fermentation and enzyme technologies.
Total revenue and net income increased by 259% and 1,018%, respectively from 2023 to 2025. KMF's operating margins are extremely high at 55.8% in 2025 and 51.9% in 1H 2026. 


<ul>
<li>A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.</li>
<li>My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.</li>
<li>Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.</li>
</ul>


A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.
My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.
Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.


Elice Group IPO Bookbuilding Results Analysis

AL Robot Co.,Ltd. produces robots. The Company manufactures industrial robots, robot joint torque sensors, and other products. AL Robot conducts businesses in South Korea.

<ul>
<li>AL (Artificial Life) Robot is getting ready for an IPO on KOSDAQ in November. AL Robot is offering a total of 2.4 million shares. </li>
<li>The IPO price range is 15,700 to 17,600 won, placing the total offering size between 37.7 billion and 42.2 billion won. </li>
<li>AL Robot specializes in robot components. The company develops and supplies various components including sensors that detect a robot's force and contact data to control units that precisely manage movement.</li>
</ul>


AL (Artificial Life) Robot is getting ready for an IPO on KOSDAQ in November. AL Robot is offering a total of 2.4 million shares. 
The IPO price range is 15,700 to 17,600 won, placing the total offering size between 37.7 billion and 42.2 billion won. 
AL Robot specializes in robot components. The company develops and supplies various components including sensors that detect a robot's force and contact data to control units that precisely manage movement.


Coverage of South Korea IPOs & Placements