Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>In this insight, we provide some details of Dunamu's IPO as it appears that the company may be leaning towards listing in the US. Dunamu is one of the largest cryptocurrency exchanges in Korea.</li>
<li>We compare Dunamu to Coinbase which is expected to complete its direct listing in April. The expected value of Dunamu is wide ranging, depending upon how Coinbase is valued. If we assume Coinbase is valued at $100 billion (high case), the valuation range for Dunamu would be from $10 billion to $20 billion (using 10% to 20% valuation relative to Coinbase). If we assume Coinbase is valued at $40 billion, the valuation range for Dunamu would be from $4 billion to $8 billion (using 10% to 20% valuation relative to Coinbase).</li>
<li>Some of the major investors of Dunamu include Kakao Corp, Hanwha Securities, and Woori Tech Investment. We provide sensitivity analysis of Dunamu's valuation on these three companies. </li>
</ul>


In this insight, we provide some details of Dunamu's IPO as it appears that the company may be leaning towards listing in the US. Dunamu is one of the largest cryptocurrency exchanges in Korea.
We compare Dunamu to Coinbase which is expected to complete its direct listing in April. The expected value of Dunamu is wide ranging, depending upon how Coinbase is valued. If we assume Coinbase is valued at $100 billion (high case), the valuation range for Dunamu would be from $10 billion to $20 billion (using 10% to 20% valuation relative to Coinbase). If we assume Coinbase is valued at $40 billion, the valuation range for Dunamu would be from $4 billion to $8 billion (using 10% to 20% valuation relative to Coinbase).
Some of the major investors of Dunamu include Kakao Corp, Hanwha Securities, and Woori Tech Investment. We provide sensitivity analysis of Dunamu's valuation on these three companies. 


South Korea

Dunamu Inc, through its mobile application, provides a platform for investment data analytics and trading solutions. The Company operates in South Korea. Operator of the crypto exchange Upbit.

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Dunamu (1574423D KS)

Initial Thoughts on the Dunamu IPO

In this insight, we provide some details of Dunamu's IPO as it appears that it may be leaning towards listing in the US. Dunamu is one of the...

Douglas Kim

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