Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

EcoPro Materials / Equity Capital Markets

<ul>
<li>In Korea, the lockup period for block deals is set by the seller and underwriters, not by law, and can be adjusted if both parties agree.</li>
<li>BRV obtained consent from Goldman, UBS, and KB for a second block deal after assessing that many initial buyers had sold their shares.</li>
<li>Understanding this lockup structure provides key insights into predicting when the next block deal might occur.</li>
</ul>


In Korea, the lockup period for block deals is set by the seller and underwriters, not by law, and can be adjusted if both parties agree.
BRV obtained consent from Goldman, UBS, and KB for a second block deal after assessing that many initial buyers had sold their shares.
Understanding this lockup structure provides key insights into predicting when the next block deal might occur.


Clarifying BRV's Post-Block Deal Lockup Conditions Involving Ecopro Materials

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Shares of EcoPro Materials are down 16% today to 112,300 won, due to another block deal sale of by BRV Capital in the after hours trading on 13 June.</li>
<li>After the second block deal sale on 14 June, BRV's stake declined further from 21.2% to 18.2%. </li>
<li>This block deal sale at a big discount is likely to raise <strong>overhang concerns</strong> about further block deal sales by BRV Capital in the coming months/years.</li>
</ul>


Shares of EcoPro Materials are down 16% today to 112,300 won, due to another block deal sale of by BRV Capital in the after hours trading on 13 June.
After the second block deal sale on 14 June, BRV's stake declined further from 21.2% to 18.2%. 
This block deal sale at a big discount is likely to raise overhang concerns about further block deal sales by BRV Capital in the coming months/years.


Another Block Deal Sale of Ecopro Materials

<ul>
<li>Our base case valuation of Shift Up is target price of 95,510 won, which is 59% higher than the high end of the IPO price range (60,000 won).</li>
<li>We believe Shift Up deserves higher valuation multiples than its peers mainly due to higher sales growth, much higher operating margins, and higher ROE.</li>
<li>Since its launch in April of this year, Stellar Blade (PS console game) has ranked first in sales in eight countries, including the United States, United Kingdom, Canada, and Japan.</li>
</ul>


Our base case valuation of Shift Up is target price of 95,510 won, which is 59% higher than the high end of the IPO price range (60,000 won).
We believe Shift Up deserves higher valuation multiples than its peers mainly due to higher sales growth, much higher operating margins, and higher ROE.
Since its launch in April of this year, Stellar Blade (PS console game) has ranked first in sales in eight countries, including the United States, United Kingdom, Canada, and Japan.


<ul>
<li>After the market close on 20 May, it was reported that Blue Run Ventures (BRV) sold 204.1 billion won (US$150 million) worth of EcoPro Materials in a block deal sale. </li>
<li>The block deal sale price was 93,000 won, a 9.7% discount to the closing price on 20 May (103,000 won).</li>
<li>This block deal sale at a big discount is likely to raise overhang concerns about further block deal sales by BRV Capital in the coming years. </li>
</ul>


After the market close on 20 May, it was reported that Blue Run Ventures (BRV) sold 204.1 billion won (US$150 million) worth of EcoPro Materials in a block deal sale. 
The block deal sale price was 93,000 won, a 9.7% discount to the closing price on 20 May (103,000 won).
This block deal sale at a big discount is likely to raise overhang concerns about further block deal sales by BRV Capital in the coming years. 


Block Deal Sales of 200 Billion Won Worth of Ecopro Materials by BRV Capital

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

HD Hyundai Heavy Industries  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.</li>
<li>On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.
On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. 


ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

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EcoPro Materials (450080 KS)

Clarifying BRV's Post-Block Deal Lockup Conditions Involving Ecopro Materials

Understanding the post-block deal lockup conditions imposed on BRV provides key insights into predicting when the next block deal might occur.

Sanghyun Park

Another Block Deal Sale of Ecopro Materials

Shares of EcoPro Materials are down 16% today to 112,300 won, due to another block deal sale of by BRV Capital in the after hours trading on 13 June.

Douglas Kim

Shift Up IPO Valuation Analysis

The first day of book building for the Shift Up IPO started on Monday and it looks excellent. Many institutional investors placed orders at prices...

Douglas Kim

Block Deal Sales of 200 Billion Won Worth of Ecopro Materials by BRV Capital

After the market close on 20 May, it was reported that Blue Run Ventures (BRV) sold 204.1 billion won (US$150 million) worth of EcoPro Materials in...

Douglas Kim

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

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P/E

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