Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Jeil Machine & Solution / Equity Capital Markets

<ul>
<li>Jeil M&amp;S reported excellent IPO bookbuilding results. Jeil M&amp;S's IPO price has been determined at 22,000 won per share (22% higher than the high end of the IPO price range).</li>
<li>A total of 2,164 institutional investors participated in this IPO book building. The demand ratio was 646 to 1. Samhyun will start trading on 30 April 2024. </li>
<li>Our base case valuation of Jeil M&amp;S is target price of 24,354 won per share, which is 11% higher than the IPO price.</li>
</ul>


Jeil M&amp;S reported excellent IPO bookbuilding results. Jeil M&amp;S's IPO price has been determined at 22,000 won per share (22% higher than the high end of the IPO price range).
A total of 2,164 institutional investors participated in this IPO book building. The demand ratio was 646 to 1. Samhyun will start trading on 30 April 2024. 
Our base case valuation of Jeil M&amp;S is target price of 24,354 won per share, which is 11% higher than the IPO price.


Jeil M&S IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of Jeil M&amp;S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.</li>
<li>We estimate the Jeil M&amp;S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).</li>
<li>Jeil M&amp;S's main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt. </li>
</ul>


Our base case valuation of Jeil M&amp;S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.
We estimate the Jeil M&amp;S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).
Jeil M&amp;S's main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt. 


Jeil Machine & Solution IPO Valuation Analysis

<ul>
<li>Jeil Machine &amp; Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won. </li>
<li>The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April. </li>
<li>According to the bankers' assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won. </li>
</ul>


Jeil Machine &amp; Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won. 
The total offering amount ranges from 36 billion won to 43.2 billion won. The book building for the institutional investors will last from 5 to 12 April. 
According to the bankers' assessment, the implied market cap of the company ranges from 309 billion won to 371 billion won. 


South Korea

Jeil M&S researches and develops better equipment and provide the best equipment based on the expertise accumulated in the pharmaceutical manufacturing business(GMP) and experiences.

Jeil Machine & Solution (JMS KS)

Jeil M&S IPO Bookbuilding Results Analysis

Jeil M&S reported excellent IPO bookbuilding results. The demand ratio was 646 to 1. Samhyun will start trading on 30 April 2024.

Douglas Kim

Jeil Machine & Solution IPO Valuation Analysis

Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.

Douglas Kim

Jeil Machine & Solution IPO Preview

Jeil Machine & Solution is getting ready for an IPO in April in the Korean stock market. The IPO price range is 15,000 won to 18,000 won.

Douglas Kim