Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/coocon-corp" target="_blank" data-smartkarma-citation="entities:32234:1" rel="noopener">Coocon Corp (294570 KS)</a> is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 31,000 won to 40,000 won per share. The expected market cap range is from 257 billion won to 332 billion won. The IPO base deal size is from $44 million to $57 million. The book building for the institutional investors will start on 13 April 2021. </li>
<li>The company generated sales of 51.4 billion won (up 24.8% YoY), operating profit of 11.3 billion won (up 82.3% YoY), and net profit of 18.9 billion won (up 106.5% YoY) in 2020. Coocon has experienced a strong growth in sales in the past four years. From 2017 to 2020, the company's sales increased by 52% CAGR.</li>
<li><div class="content-highlight">There is likely to be a strong demand for the Coocon IPO shares, especially because the  IPO discount range is very large (32.4% to 47.6%). As the market leader in providing API based information services, Coocon is well positioned to capitalize on the growing demand of Big Data based API services in Korea.</div></li>
<li>Despite the strong fundamentals of the company, there has been some noticeable weakness on numerous tech related IPOs globally in the past 2-3 weeks and the overall growing negative sentiment on the global tech IPOs could also have a negative impact on this IPO as well. </li>
</ul>



Coocon Corp (294570 KS) is getting ready to complete its IPO in Korea in the next several weeks. The IPO price range is from 31,000 won to 40,000 won per share. The expected market cap range is from 257 billion won to 332 billion won. The IPO base deal size is from $44 million to $57 million. The book building for the institutional investors will start on 13 April 2021. 
The company generated sales of 51.4 billion won (up 24.8% YoY), operating profit of 11.3 billion won (up 82.3% YoY), and net profit of 18.9 billion won (up 106.5% YoY) in 2020. Coocon has experienced a strong growth in sales in the past four years. From 2017 to 2020, the company's sales increased by 52% CAGR.
There is likely to be a strong demand for the Coocon IPO shares, especially because the  IPO discount range is very large (32.4% to 47.6%). As the market leader in providing API based information services, Coocon is well positioned to capitalize on the growing demand of Big Data based API services in Korea.
Despite the strong fundamentals of the company, there has been some noticeable weakness on numerous tech related IPOs globally in the past 2-3 weeks and the overall growing negative sentiment on the global tech IPOs could also have a negative impact on this IPO as well. 


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<ul>
  <li>
<a href="https://smartkarma.com/entities/coocon-corp">Coocon Corp</a> is a key player in South Korea's rapidly expanding fintech sector, providing essential data and payment API infrastructure to a wide range of clients including financial institutions and tech companies.</li>
  <li>The company is demonstrating robust financial performance, characterized by significant revenue and net income growth, driven by the acceleration of financial service digitalization and supportive government policies like Open Banking and MyData.</li>
  <li>While the outlook is positive due to secular growth trends, Coocon faces notable risks from an increasingly competitive landscape and potential changes in financial regulations that could impact future growth and profitability.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Coocon Corp is a key player in South Korea's rapidly expanding fintech sector, providing essential data and payment API infrastructure to a wide range of clients including financial institutions and tech companies.
  The company is demonstrating robust financial performance, characterized by significant revenue and net income growth, driven by the acceleration of financial service digitalization and supportive government policies like Open Banking and MyData.
  While the outlook is positive due to secular growth trends, Coocon faces notable risks from an increasingly competitive landscape and potential changes in financial regulations that could impact future growth and profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Coocon Corp (294570 KS) - Oct 2025

Douglas Research Advisory

<ul>
<li>FnGuide has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to profitably expand into the index development business.</li>
<li>Although the index business accounted for 25% of its sales in 2024, it has been the fastest growing business in the past six years. </li>
<li>Valuations are reasonable and it is trading at 27% below four year historical EV/EBITDA basis. We like FnGuide as a long-term investment story. </li>
</ul>


FnGuide has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to profitably expand into the index development business.
Although the index business accounted for 25% of its sales in 2024, it has been the fastest growing business in the past six years. 
Valuations are reasonable and it is trading at 27% below four year historical EV/EBITDA basis. We like FnGuide as a long-term investment story. 


Korea Small Cap Gem #36: FnGuide [Increasing Moat for Its Index Business]

<ul>
<li>Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). </li>
<li>Our base case target price is based on P/E of 25.3x (20% premium to comps' average valuation multiple) using our estimated net profit of 17 billion won in 2025. </li>
<li>This valuation premium is appropriate due to Dozn's higher sales growth rate, higher net margins, and higher ROE versus the comps. </li>
</ul>


Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). 
Our base case target price is based on P/E of 25.3x (20% premium to comps' average valuation multiple) using our estimated net profit of 17 billion won in 2025. 
This valuation premium is appropriate due to Dozn's higher sales growth rate, higher net margins, and higher ROE versus the comps. 


<ul>
<li>Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.</li>
<li>The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.</li>
<li>Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.</li>
</ul>


Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.
The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.
Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.


South Korea

Coocon Corporation operates as a business information provider. The Company provides business information collecting, connecting, and organizing services. Coocon offers services worldwide.

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Coocon Corp (294570 KS)

COOCON IPO Preview

As the market leader in providing API based information services, Coocon is well positioned to capitalize on the growing demand of Big Data based...

Douglas Kim

Primer: Coocon Corp (294570 KS) - Oct 2025

Coocon Corp is a key player in South Korea's rapidly expanding fintech sector, providing essential data and payment API infrastructure to a...

αSK Primers

Korea Small Cap Gem #36: FnGuide [Increasing Moat for Its Index Business]

FnGuide has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to...

Douglas Kim

Dozn IPO Valuation Analysis

Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO...

Douglas Kim

Dozn IPO Preview

Dozn is getting ready to complete its IPO in Korea in March 2025. Dozn is emerging as a prominent business-to-business (B2B) digital solution...

Douglas Kim

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