Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight">Our base case valuation for Abko suggests an implied market cap of 279 billion won or an implied price per share of 27,484 won. The IPO price range is from 21,400 won to 24,300 won so our price target would suggest a 20% upside from the mid-point of the IPO price range. Given the reasonable upside, we have a POSITIVE view of this IPO. The book-building for the institutional investors starts on 17 November. </div>

Our base case valuation for Abko suggests an implied market cap of 279 billion won or an implied price per share of 27,484 won. The IPO price range is from 21,400 won to 24,300 won so our price target would suggest a 20% upside from the mid-point of the IPO price range. Given the reasonable upside, we have a POSITIVE view of this IPO. The book-building for the institutional investors starts on 17 November. 

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November.

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November. 

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

South Korea

ABKO Co., Ltd. manufactures and distributes gaming gears. The Company produces gaming keyboards, headsets, mices, and other related products. ABKO also produces personal computer charging boxes.

ABKO Co (129890 KS)

Abko IPO Valuation Analysis

Our base case valuation for Abko suggests an implied market cap of 279 billion won or an implied price per share of 27,484 won, representing a 20%...

Douglas Kim

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for...

Douglas Kim