Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Innospace reported solid IPO bookbuilding results. Innospace's IPO price has been determined at 43,300 won won, which is at the high end of the IPO price range.</li>
<li>Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 19% higher than the IPO price.</li>
<li>Innospace is involved in the satellite launch vehicle production and launch service business.</li>
</ul>


Innospace reported solid IPO bookbuilding results. Innospace's IPO price has been determined at 43,300 won won, which is at the high end of the IPO price range.
Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 19% higher than the IPO price.
Innospace is involved in the satellite launch vehicle production and launch service business.


Innospace IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 28% higher than the midpoint of the IPO valuation range.</li>
<li>We estimate Innospace to generate sales of 1.8 billion won in 2024, 28.7 billion won in 2025, and 58.3 billion won in 2026.</li>
<li>Innospace is involved in the satellite launch vehicle production and launch service business.</li>
</ul>


Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 28% higher than the midpoint of the IPO valuation range.
We estimate Innospace to generate sales of 1.8 billion won in 2024, 28.7 billion won in 2025, and 58.3 billion won in 2026.
Innospace is involved in the satellite launch vehicle production and launch service business.


<ul>
<li>Innospace is getting ready to complete its IPO in June 2024. According to bankers' valuation, the implied market cap of Innospace is from 347 billion won to 434 billion won.</li>
<li>Innospace engages in the satellite launch vehicle production and launch service business.</li>
<li>The company estimates its sales to increase from 0.2 billion won in 2023 to 2.0 billion won in 2024, 47.8 billion won in 2025, and 97.2 billion won in 2026.</li>
</ul>


Innospace is getting ready to complete its IPO in June 2024. According to bankers' valuation, the implied market cap of Innospace is from 347 billion won to 434 billion won.
Innospace engages in the satellite launch vehicle production and launch service business.
The company estimates its sales to increase from 0.2 billion won in 2023 to 2.0 billion won in 2024, 47.8 billion won in 2025, and 97.2 billion won in 2026.


South Korea

Innospace Co.,Ltd. operates aviation equipment development businesses. The Company produces rocket-powered small satellite launchers and other products. Innospace conducts businesses in South Korea.

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Innospace (462350 KS)

Innospace IPO Bookbuilding Results Analysis

Innospace reported solid IPO bookbuilding results. Innospace's IPO price has been determined at 43,300 won won, which is at the high end of the IPO...

Douglas Kim

Innospace IPO Valuation Analysis

Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 28% higher than the midpoint of the IPO...

Douglas Kim

Innospace IPO Preview

Innospace is getting ready to complete its IPO in June 2024. According to bankers' valuation, the implied market cap of Innospace is from 347...

Douglas Kim

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