APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Doosan Fuel Cell   / Equity Capital Markets

<p>Shareholders of <a href="https://www.smartkarma.com/entities/doosan-fuel-cell-co-ltd" target="_blank" data-smartkarma-citation="entities:29252:1" rel="noopener">Doosan Fuel Cell Co Ltd (336260 KS)</a> (DFC) are looking to sell their remaining stake (5.33m shares) for about US$252m at a fixed price of KRW51,500 per share.</p><p><a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a> and <a href="https://www.smartkarma.com/profiles/sanghyun-park" target="_blank" data-smartkarma-citation="accounts:354" rel="noopener">Sanghyun Park</a> have covered the previous block sale and the rights offer that coincided with it in:</p><ul>
<li>
<a href="https://www.smartkarma.com/insights/doosan-fuel-cell-big-block-deal-placement" target="_blank" data-smartkarma-citation="insights:43870" rel="noopener">Doosan Fuel Cell Big Block Deal Placement</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/doosan-fuelcell-block-deals-outcome-on-rights-offer" target="_blank" data-smartkarma-citation="insights:43967" rel="noopener">Doosan Fuelcell: Block Deals Outcome on Rights Offer</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/doosan-heavy-industries-doosan-fuel-cell-rights-offerings-of-1-1-billion-0-3-billion" target="_blank" data-smartkarma-citation="insights:43014" rel="noopener">Doosan Heavy Industries &amp; Doosan Fuel Cell (Rights Offerings of $1.1 Billion &amp; $0.3 Billion)</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/doosan-fuelcell-rights-offer-terms-situation" target="_blank" data-smartkarma-citation="insights:42996" rel="noopener">Doosan Fuelcell Rights Offer: Terms &amp; Situation</a> </li>
</ul>

Shareholders of Doosan Fuel Cell Co Ltd (336260 KS) (DFC) are looking to sell their remaining stake (5.33m shares) for about US$252m at a fixed price of KRW51,500 per share.Douglas Kim and Sanghyun Park have covered the previous block sale and the rights offer that coincided with it in:

Doosan Fuel Cell Big Block Deal Placement 

Doosan Fuelcell: Block Deals Outcome on Rights Offer 

Doosan Heavy Industries &amp; Doosan Fuel Cell (Rights Offerings of $1.1 Billion &amp; $0.3 Billion) 

Doosan Fuelcell Rights Offer: Terms &amp; Situation 


Doosan Fuel Cell - The Expected Return Of The Remaining Big Block

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<p>The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. </p><p>Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS),</a>which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including <a href="https://www.smartkarma.com/entities/sang-a-frontec-co-ltd" target="_blank" data-smartkarma-citation="entities:20692:1" rel="noopener">Sang A Frontec (089980 KS)</a>, Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), <a href="https://www.smartkarma.com/entities/koreacenter-com-co-ltd" target="_blank" data-smartkarma-citation="entities:28329:1" rel="noopener">Koreacenter.com Co Ltd (290510 KS)</a>, and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  </p><p>The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. </p>

The Korea Exchange announced its KOSDAQ150 and KRX300 indices rebalances today. There were 17 new additions and 17 deletions for KOSDAQ150. Most of the stocks that were expected to be included in KOSDAQ 150 were officially included in the rebalance. However there were a few surprises. For example Nanos Co Ltd (151910 KS),which was one of the stocks that was expected to be included in KOSDAQ150, did not get included in this indext this time. On the other hand, the following stocks including Sang A Frontec (089980 KS), Novarex (194700 KS(, CIS (222080 KS), MedPacto (215980 KS), Koreacenter.com Co Ltd (290510 KS), and Soulbrain (357780 KS) which were not on the top of the lists of getting selected into the KOSDAQ150 index by the locals, were formally selected be part of the new KOSDAQ150 inclusions.  The Korea Exchange also made changes to the KRX300 index. Although the KRX300 index is not currently as important as KOSPI200 and KOSDAQ150 indices, it is increasingly gaining in importance among the local institutional investors. The KRX300 had 33 new additions and 35 deletions. 

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

<p>KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, <a href="https://www.smartkarma.com/entities/dong-a-socio-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4271:1" rel="noopener">Dong A Socio Holdings (000640 KS), </a>and <a href="https://www.smartkarma.com/entities/dong-a-st-co-ltd" target="_blank" data-smartkarma-citation="entities:16873:1" rel="noopener">Dong A St (170900 KS)</a>.</p><p>Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  </p>

KRX announced the rebalance to the KOSPI200 index today. There was not much surprise among the new 10 additions, which included stocks such as Samyang Foods, Zinus, and Kiwoom Securities. However, there was some surprises among the deletions including Unid, Dong A Socio Holdings (000640 KS), and Dong A St (170900 KS).Among the newly included companies, in terms of their fundamental business outlook and reasonable valuations, we think Samyang Foods, Zinus, and Hanwha Systems fit into these categories. We would be cautious on Big Hit Entertainment, CS Wind, and Shinpoong Pharm as we think there could be some sellers on investors that trade on the "sell on news" strategy of being included in KOSPI 200.  

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>The KRX has announced the list of inclusions and exclusions to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> today. The rebalance is effective after the close of trading on 10 December.</p><p>There are 10 inclusions and 10 exclusions in the December 2020 review with an estimated one-way turnover of 1.06%.</p><p>The inclusions and exclusions are:</p><table class="table table-striped">
<colgroup><col span="4"></colgroup>
<tbody>
<tr>
<td colspan="2" style="text-align: center; width: 96pt;"><h3>Inclusions</h3></td>
<td colspan="2" style="text-align: center; width: 96pt;"><h3>Exclusions</h3></td>
</tr>
<tr>
<td><strong>Code</strong></td>
<td><strong>Name</strong></td>
<td><strong>Code</strong></td>
<td><strong>Name</strong></td>
</tr>
<tr>
<td>003090.KS</td>
<td>Daewoong Co Ltd</td>
<td>000640.KS</td>
<td>Dong-A Socio Holdings Co Ltd</td>
</tr>
<tr>
<td>003230.KS</td>
<td>Samyang Foods Co Ltd</td>
<td>001430.KS</td>
<td>SeAH Besteel Corp</td>
</tr>
<tr>
<td>008350.KS</td>
<td>Namsun Aluminium Co Ltd</td>
<td>002270.KS</td>
<td>Lotte Foods Co Ltd</td>
</tr>
<tr>
<td>013890.KS</td>
<td>Zinus Inc</td>
<td>014830.KS</td>
<td>Unid Co Ltd</td>
</tr>
<tr>
<td>019170.KS</td>
<td>Shinpoong Pharmaceutical Co Ltd</td>
<td>019680.KS</td>
<td>Daekyo Co Ltd</td>
</tr>
<tr>
<td>039490.KS</td>
<td>KIWOOM Securities Co Ltd</td>
<td>025860.KS</td>
<td>Namhae Chemical Corp</td>
</tr>
<tr>
<td>112610.KS</td>
<td>CS Wind Corp</td>
<td>027410.KS</td>
<td>BGF Co Ltd</td>
</tr>
<tr>
<td>272210.KS</td>
<td>Hanwha Systems Co Ltd</td>
<td>060980.KS</td>
<td>Halla Holdings Corp</td>
</tr>
<tr>
<td>336260.KS</td>
<td>Doosan Fuel Cell Co Ltd</td>
<td>093050.KS</td>
<td>LF Corp</td>
</tr>
<tr>
<td>352820.KS</td>
<td>Big Hit Entertainment Co Ltd</td>
<td>170900.KS</td>
<td>Dong-A ST Co Ltd</td>
</tr>
</tbody>
</table><p>There are 11 trading days to implementation and there are quite a few deletes that have over 3-4 days of ADV to trade. The impact on the inclusions is smaller but there will be a lot of active funds looking to buy the stocks so they don't deviate too much from their benchmark.</p>

The KRX has announced the list of inclusions and exclusions to the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) today. The rebalance is effective after the close of trading on 10 December.There are 10 inclusions and 10 exclusions in the December 2020 review with an estimated one-way turnover of 1.06%.The inclusions and exclusions are:



Inclusions
Exclusions


Code
Name
Code
Name


003090.KS
Daewoong Co Ltd
000640.KS
Dong-A Socio Holdings Co Ltd


003230.KS
Samyang Foods Co Ltd
001430.KS
SeAH Besteel Corp


008350.KS
Namsun Aluminium Co Ltd
002270.KS
Lotte Foods Co Ltd


013890.KS
Zinus Inc
014830.KS
Unid Co Ltd


019170.KS
Shinpoong Pharmaceutical Co Ltd
019680.KS
Daekyo Co Ltd


039490.KS
KIWOOM Securities Co Ltd
025860.KS
Namhae Chemical Corp


112610.KS
CS Wind Corp
027410.KS
BGF Co Ltd


272210.KS
Hanwha Systems Co Ltd
060980.KS
Halla Holdings Corp


336260.KS
Doosan Fuel Cell Co Ltd
093050.KS
LF Corp


352820.KS
Big Hit Entertainment Co Ltd
170900.KS
Dong-A ST Co Ltd


There are 11 trading days to implementation and there are quite a few deletes that have over 3-4 days of ADV to trade. The impact on the inclusions is smaller but there will be a lot of active funds looking to buy the stocks so they don't deviate too much from their benchmark.

KOSPI200 Index Rebalance: No Surprises Here, but Decent Impact Expected

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Doosan Enerbility / Equity Capital Markets

<p>We are not on Day 3 of the DHI's ₩1.3T rights offering.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BOD meeting"}'>BOD meeting</td>
<td data-sheets-value='{"1":3,"3":44078}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>September 4, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary pricing"}'>Preliminary pricing</td>
<td data-sheets-value='{"1":3,"3":44116}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 12, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights date"}'>Ex-rights date</td>
<td data-sheets-value='{"1":3,"3":44118}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 14, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td data-sheets-value='{"1":3,"3":44119}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>October 15, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade beginning"}'><strong>Subscription rights trade beginning</strong></td>
<td data-sheets-value='{"1":3,"3":44153}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'><strong>November 18, 2020</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade ending"}'><strong>Subscription rights trade ending</strong></td>
<td data-sheets-value='{"1":3,"3":44159}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'><strong>November 24, 2020</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final pricing"}'>Final pricing</td>
<td data-sheets-value='{"1":3,"3":44165}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder subscription"}'>Stockholder subscription</td>
<td data-sheets-value='{"1":3,"3":44168}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>December 3, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Public subscription"}'>Public subscription</td>
<td data-sheets-value='{"1":3,"3":44173}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>December 8, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td data-sheets-value='{"1":3,"3":44176}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>December 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td data-sheets-value='{"1":3,"3":44189}' data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}'>December 24, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date for bonus shares"}'>Record date - bonus shares</td>
<td data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing - bonus shares"}'>Listing - bonus shares</td>
<td data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Issuer"}'>Issuer</td>
<td data-sheets-value='{"1":2,"2":"Doosan Heavy Industries Constrctn Co Ltd"}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Doosan Heavy Industries Constrctn Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td data-sheets-value='{"1":2,"2":"034020"}' data-sheets-formula='="034020"'>034020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target"}'>Target</td>
<td data-sheets-value='{"1":2,"2":"Pubic offering of forfeited shares after offering to stockholders"}'>Pubic-offering of forfeited shares after offering to stockholders</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Transferability"}'>Transferability</td>
<td data-sheets-value='{"1":2,"2":"Renounceable"}'>Renounceable</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Volume"}'>Volume</td>
<td data-sheets-value='{"1":3,"3":121495330}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[15]C[0]">121,495,330</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Bonus issue volume"}'>Bonus issue volume</td>
<td data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary price"}'>Preliminary price</td>
<td data-sheets-value='{"1":3,"3":10700}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩10,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary value"}'>Preliminary value</td>
<td data-sheets-value='{"1":3,"3":1300000031000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]*R[-1]C[0]">₩1,300,000,031,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Oversubscription privilege"}'>Oversubscription privilege</td>
<td data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banker"}'>Banker</td>
<td data-sheets-value='{"1":2,"2":"NH &amp; KIS"}'>NH &amp; KIS</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Underwriting type"}'>- Underwriting type</td>
<td data-sheets-value='{"1":2,"2":"Standby"}'>Standby</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>The 1st round pricing was ₩9,640.</p><p>The pricing will get finalized on November 30. At the current price, ₩9,640 will be a likely price for a subscription.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"1st round pricing"}'>1st round pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44116}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[27]C[0]">October 12, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round price"}'>1st round price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":9640}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]'>₩9,640</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"2nd round pricing"}'>2nd round pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44165}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[15]C[0]">November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":14800}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula='=googlefinance(Terms!R[-33]C[0], "price")'>₩14,800</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1W VWAP"}'>1W VWAP</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":14800}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula='=googlefinance(Terms!R[-34]C[0], "price")'>?</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Reference price"}'>Reference price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":14800}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula="=min(R[-2]C[0], R[-1]C[0])">₩14,800</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd round price"}'>2nd round price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11900}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula="=ceiling.math(R[-1]C[0]*(1-R[-26]C[0]), 100)">₩11,900</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><p>Source: DART</p></td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pricing"}'>Pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round"}'>1st round</td>
<td data-sheets-value='{"1":2,"2":"RP × (1 - 20%) / [1 + (48% × 20%)]"}' data-sheets-formula='="RP × (1 - "&amp;(R[11]C[0]*100&amp;"%")&amp;") / [1 + ("&amp;(R[12]C[0]*100&amp;"%"&amp;" × "&amp;(R[11]C[0]*100&amp;"%"&amp;")]"))'>RP × (1 - 20%) / [1 + (48% × 20%)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]"}'>Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td data-sheets-value='{"1":3,"3":44116}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[41]C[0]">October 12, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights base price"}'>Ex-rights base price</td>
<td data-sheets-value='{"1":2,"2":"[RP + (1st × 48%)] / (1 + 48%)"}' data-sheets-formula='="[RP + (1st × "&amp;R[9]C[0]*100&amp;"%"&amp;")] / (1 + "&amp;R[9]C[0]*100&amp;"%"&amp;")"'>[RP + (1st × 48%)] / (1 + 48%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td data-sheets-value='{"1":2,"2":"Previous close"}'>Previous close</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td data-sheets-value='{"1":3,"3":44118}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[39]C[0]">October 14, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd round"}'>2nd round</td>
<td data-sheets-value='{"1":2,"2":"RP × (1 - 20%)"}' data-sheets-formula='="RP × (1 - "&amp;(R[5]C[0]*100&amp;"%")&amp;")"'>RP × (1 - 20%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP)]"}'>Min [Close, Avg (Close, 1W VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td data-sheets-value='{"1":3,"3":44165}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[40]C[0]">November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final"}'>Final</td>
<td data-sheets-value='{"1":2,"2":"Max [Min (1st, 2nd), 3D VWAP × 60%]"}'>Max [Min (1st, 2nd), 3D VWAP × 60%]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td data-sheets-value='{"1":3,"3":44165}' data-sheets-numberformat='[null,5,"mmmm\" \"d\", \"yyyy",1]' data-sheets-formula="=Terms!R[38]C[0]">November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount rate"}'>Discount rate</td>
<td data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='[null,3,"0.00%",1]'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase rate"}'>Capital increase rate</td>
<td data-sheets-value='{"1":3,"3":0.48}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=LEFT(Terms!R[11]C[0],6)*100/100">48.00%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

We are not on Day 3 of the DHI's ₩1.3T rights offering.





Timetable

BOD meeting
September 4, 2020


Preliminary pricing
October 12, 2020


Ex-rights date
October 14, 2020


Record date
October 15, 2020


Subscription rights trade beginning
November 18, 2020


Subscription rights trade ending
November 24, 2020


Final pricing
November 30, 2020


Stockholder subscription
December 3, 2020


Public subscription
December 8, 2020


Payment
December 11, 2020


Listing
December 24, 2020


Record date - bonus shares
N/A


Listing - bonus shares
N/A

Source: DART







Overview

Issuer
Doosan Heavy Industries Constrctn Co Ltd


Ticker
034020


Target
Pubic-offering of forfeited shares after offering to stockholders


Transferability
Renounceable


Volume
121,495,330


Bonus issue volume
0


Preliminary price
₩10,700


Preliminary value
₩1,300,000,031,000


Oversubscription privilege
20.00%


Banker
NH &amp; KIS


- Underwriting type
Standby

Source: DART

The 1st round pricing was ₩9,640.The pricing will get finalized on November 30. At the current price, ₩9,640 will be a likely price for a subscription.





1st round pricing

Date
October 12, 2020


1st round price
₩9,640

Source: DART







2nd round pricing

Date
November 30, 2020


Close
₩14,800


1W VWAP
?


Reference price
₩14,800


2nd round price
₩11,900

Source: DART







Pricing

1st round
RP × (1 - 20%) / [1 + (48% × 20%)]


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]


- Reference date
October 12, 2020


Ex-rights base price
[RP + (1st × 48%)] / (1 + 48%)


- Reference price (RP)
Previous close


- Reference date
October 14, 2020


2nd round
RP × (1 - 20%)


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP)]


- Reference date
November 30, 2020


Final
Max [Min (1st, 2nd), 3D VWAP × 60%]


- Reference date
November 30, 2020


Discount rate
20.00%


Capital increase rate
48.00%

Source: DART



Doosan Heavy Offering: Subs Rights Trading at a 3+% Spread, Not Adjusting Oversubscription

South Korea

Doosan Fuel Cell Co. Ltd. produces and sells cell products. The Company develops and sells residential used compact fuel cells and other products. Doosan Fuel Cell markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Doosan Fuel Cell (336260 KS)

Doosan Fuel Cell - The Expected Return Of The Remaining Big Block

Shareholders of Doosan Fuel Cell Co Ltd (336260 KS) (DFC) are looking to sell their remaining stake (5.33m shares) for about US$252m, at a fixed...

Zhen Zhou, Toh

KOSDAQ150 and KRX300 Indices Rebalances (Overlapping Additions & Deletions)

We highlight the KOSDAQ150 and KRX300 indices rebalances. There are some interesting new names, especially among those that are over lapping in...

Douglas Kim

KOSPI 200 Index Rebalances: No Surprises Among Additions, A Few Surprises Among Deletions

KRX anounced its KOSPI200 index rebalance. There were no surprises among the new additions but a few surprises among the deletions.

Douglas Kim

KOSPI200 Index Rebalance: No Surprises Here, but Decent Impact Expected

There are 10 inclusions and exclusions in the KOSPI200 and there is significant impact expected some of the stocks. We feel the inclusions could...

Brian Freitas

Doosan Heavy Offering: Subs Rights Trading at a 3+% Spread, Not Adjusting Oversubscription

Today is the third trading day of the subscription rights for Doosan Heavy's ₩1.3T offering. The rights are still actively trading at a 3+% spread,...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)