Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>Founded in 2008, Ridi is a leading webcomic, digital novels, and e-book provider in Korea.</li>
<li>In March 2022, Ridi raised $99.4 million in a funding led by GIC at a valuation of $1.3 billion.</li>
<li>The webtoon market surged to more than $840 million in Korea in 2020, up from about $45 million in 2010, representing a CAGR of 34% in this period.</li>
</ul>


Founded in 2008, Ridi is a leading webcomic, digital novels, and e-book provider in Korea.
In March 2022, Ridi raised $99.4 million in a funding led by GIC at a valuation of $1.3 billion.
The webtoon market surged to more than $840 million in Korea in 2020, up from about $45 million in 2010, representing a CAGR of 34% in this period.


Ridi: A Leading Webtoon & E-Book Service Unicorn in Korea Backed by GIC

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

<ul>
<li>Hyundai Oilbank, this year's biggest fish, dropped the IPO. Another big fish, CJ Olive Young, also officially announced that it would give up its listing.</li>
<li>The bookbuilding results of SOCAR turned out to be disastrous, suggesting an increased possibility that a higher-than-typical flow level will likely be seen in WCP and K Bank. </li>
<li>In particular, despite the valuation issues, we should pay attention to the possibility of an unexpected level of local institutional flows flocking to WCP, which has less schedule risk.</li>
</ul>


Hyundai Oilbank, this year's biggest fish, dropped the IPO. Another big fish, CJ Olive Young, also officially announced that it would give up its listing.
The bookbuilding results of SOCAR turned out to be disastrous, suggesting an increased possibility that a higher-than-typical flow level will likely be seen in WCP and K Bank. 
In particular, despite the valuation issues, we should pay attention to the possibility of an unexpected level of local institutional flows flocking to WCP, which has less schedule risk.


Messed up Korea IPO Pipeline and Unexpected Beneficiaries

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.

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we will talk about the positive aspects of the deal.


WCP IPO - The Positives - Past Sales Have Been Very Strong

Kakao Entertainment  / Private Capital Markets

<ul>
<li>Kakao Entertainment is one of the biggest entertainment companies in Korea. The company has a strong IP for webtoons, web novels, music, drama, movies, and other digital contents.</li>
<li>Kakao Entertainment is a company that was formed from a merger of Kakao Page and Kakao M in March 2021. </li>
<li>Kakao Corp (035720 KS) is the largest shareholder of Kakao Entertainment, followed by Anchor Equity Partners, and Tencent.</li>
</ul>


Kakao Entertainment is one of the biggest entertainment companies in Korea. The company has a strong IP for webtoons, web novels, music, drama, movies, and other digital contents.
Kakao Entertainment is a company that was formed from a merger of Kakao Page and Kakao M in March 2021. 
Kakao Corp (035720 KS) is the largest shareholder of Kakao Entertainment, followed by Anchor Equity Partners, and Tencent.


Kakao Entertainment: A Korean Entertainment Powerhouse

<ul>
<li>Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.</li>
<li>The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.
The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Kakao Pay Placement - Discount Is Enticing, That's It

South Korea

Kakao Entertainment Corp. operates as an application software development company. The Company provides online cartoons, online novels, music, and more. Kakao Entertainment conducts businesses in South Korea.

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Kakao Entertainment (103260 KS)

Ridi: A Leading Webtoon & E-Book Service Unicorn in Korea Backed by GIC

Ridi is a leading webcomic, digital novels, and e-book provider in Korea. In March 2022, Ridi raised $99.4 million in a funding led by GIC at a...

Douglas Kim

Messed up Korea IPO Pipeline and Unexpected Beneficiaries

This post investigates Korea's messed-up IPO pipeline situation and discusses who will be unexpected beneficiaries after the SOCAR bookbuilding...

Sanghyun Park

WCP IPO - The Positives - Past Sales Have Been Very Strong

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about the positive...

Sumeet Singh

Kakao Entertainment: A Korean Entertainment Powerhouse

Kakao Entertainment is one of the biggest entertainment companies in Korea. The company has a strong IP for webtoons, web novels, music, drama,...

Douglas Kim

Kakao Pay Placement - Discount Is Enticing, That's It

Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay. This is the first selldown by Alipay which owns...

Sumeet Singh

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