Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 20 July, Macquarie Korea Opportunities Private Equity Fund No. 6, managed by Macquarie Asset Management announced that it is conducting a tender offer for Gabia Inc (079940 KS) shares. </li>
<li>The tender offer price is 48,000 won per share and the tender offer period lasts from 20 July to 17 September. Post tender offer, Macquarie plans to delist Gabia.</li>
<li>I believe this partial tender offer of Gabia by Macquarie could trigger a potential M&amp;A fight for the control of the company, leading to much higher share price.</li>
</ul>


On 20 July, Macquarie Korea Opportunities Private Equity Fund No. 6, managed by Macquarie Asset Management announced that it is conducting a tender offer for Gabia Inc (079940 KS) shares. 
The tender offer price is 48,000 won per share and the tender offer period lasts from 20 July to 17 September. Post tender offer, Macquarie plans to delist Gabia.
I believe this partial tender offer of Gabia by Macquarie could trigger a potential M&amp;A fight for the control of the company, leading to much higher share price.


A Partial Tender Offer of Gabia by Macquarie

<ul>
<li>In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&amp;A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.</li>
<li>The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).</li>
<li>What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.</li>
</ul>


In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&amp;A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.
The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).
What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.


A Review of Tender Offers in Korea in 2025

<ul>
<li>After the market close on 24 November, it was announced that Align Partners is conducting a partial tender offer of a 10% stake in Gabia Inc (079940 KS). </li>
<li>Tender offer price is 33,000 won (20% higher than current price). Tender offer amount is 44.7 billion won. </li>
<li>If Align Partners successfully completes this tender offer, its stake would rise to 19.03%. Plus, the combined stakes of Align Partners and Miri Capital would be 42.99%. </li>
</ul>


After the market close on 24 November, it was announced that Align Partners is conducting a partial tender offer of a 10% stake in Gabia Inc (079940 KS). 
Tender offer price is 33,000 won (20% higher than current price). Tender offer amount is 44.7 billion won. 
If Align Partners successfully completes this tender offer, its stake would rise to 19.03%. Plus, the combined stakes of Align Partners and Miri Capital would be 42.99%. 


A Tender Offer of 10% Stake in Gabia by Align Partners Asset Management

Equity Capital Markets

<ul>
<li>A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.</li>
<li>My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.</li>
<li>Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.</li>
</ul>


A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.
My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.
Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.


Elice Group IPO Bookbuilding Results Analysis

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>The Australian logistics sector is set for growth with $27 billion in global investments planned.</li><li>Key industry changes include Graeme Torre's new role at Hongkong Land and ADIA's hotel sale for $274 million.</li><li>PGIM Real Estate appointed David Fassbender as Head of Asia Pacific amid significant development projects.</li></ul>

The Australian logistics sector is set for growth with $27 billion in global investments planned.Key industry changes include Graeme Torre's new role at Hongkong Land and ADIA's hotel sale for $274 million.PGIM Real Estate appointed David Fassbender as Head of Asia Pacific amid significant development projects.

Asia Real Estate Tracker (04-Mar-2026): Australian logistics set to grow with $27B investment.

South Korea

Gabia Inc. provides Internet domain registration services.  The Company offers customer support and services such as Web hosting, domain registration and management, and Web agency.  Gabia also provides solution for Internet shopping mall and e-learning business.

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Gabia Inc (079940 KS)

A Partial Tender Offer of Gabia by Macquarie

I believe this partial tender offer of Gabia by Macquarie could trigger a potential M&A fight for the control of the company, leading to much...

Douglas Kim

A Review of Tender Offers in Korea in 2025

In this insight, we review the major tender offers of Korean companies in 2025. The share prices of these tender offers were up on average 14.9%...

Douglas Kim

A Tender Offer of 10% Stake in Gabia by Align Partners Asset Management

Align Partners is conducting a partial tender offer of a 10% stake in Gabia Inc (079940 KS). Tender offer price is 33,000 won (20% higher than...

Douglas Kim

Elice Group IPO Bookbuilding Results Analysis

A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500...

Douglas Kim

Asia Real Estate Tracker (04-Mar-2026): Australian logistics set to grow with $27B investment.

The Australian logistics sector is set for growth with $27 billion in global investments, highlighted by key leadership changes and major real...

Asia Real Estate Tracker

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