APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> raised around US$825m in its Korea IPO. LG CNS is a South Korean information technology company.</li>
<li>LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.</li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



LG CNS (LGCNSZ KS) raised around US$825m in its Korea IPO. LG CNS is a South Korean information technology company.
LG CNS is a South Korean information technology company. The firm primarily provides comprehensive digital transformation services and solutions backed AI, big data, and cloud.
In this note, we will talk about the demand for the deal and other trading dynamics.


LG CNS IPO Trading - Demand Aided by Domestics, Limited Lockup Undertaking

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> priced its IPO at KRW61,900 per share to raise gross proceeds of US$820 million. The shares will start trading on 5 February.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:170085" rel="noopener">LG CNS IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/lg-cns-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:171361" rel="noopener">LG CNS IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/lg-cns-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:171569" rel="noopener">LG CNS IPO: Valuation Insights</a>.</li>
<li>Since the prospectus's release, the peers have marginally re-rated. The valuation remains undemanding at the IPO price, and bullish grey market prices suggest a strong debut.</li>
</ul>



LG CNS (LGCNSZ KS) priced its IPO at KRW61,900 per share to raise gross proceeds of US$820 million. The shares will start trading on 5 February.
We previously discussed the IPO in LG CNS IPO: The Bull Case, LG CNS IPO: The Bear Case and LG CNS IPO: Valuation Insights.
Since the prospectus's release, the peers have marginally re-rated. The valuation remains undemanding at the IPO price, and bullish grey market prices suggest a strong debut.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at the valuations for <a href="https://www.smartkarma.com/entities/dr-agarwal-s-eye-hospital" target="_blank" data-smartkarma-citation="entities:23713:1" rel="noopener">Dr. Agarwal’s Eye Hospital</a> and <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>. </li>
<li>On the placements front, given the holiday shortened week, there were no placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at the valuations for Dr. Agarwal’s Eye Hospital and Seoul Guarantee Insurance (031210 KS). 
On the placements front, given the holiday shortened week, there were no placements this week.


ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>The FSC announced the details of its new IPO system improvement measures in Korea on 21 January.  </li>
<li>New rules will discourage the rampant first day trading of Korean IPOs. In 74 out of 77 IPOs in 2024, institutional investors were “net sellers” on the listing date. </li>
<li>Rather, the new rules will encourage the investors to take more longer term approach to investing in Korean IPOs. </li>
</ul>


The FSC announced the details of its new IPO system improvement measures in Korea on 21 January.  
New rules will discourage the rampant first day trading of Korean IPOs. In 74 out of 77 IPOs in 2024, institutional investors were “net sellers” on the listing date. 
Rather, the new rules will encourage the investors to take more longer term approach to investing in Korean IPOs. 


Details of New IPO System Improvement Measures in Korea

<ul>
<li>LG CNS reported a successful IPO book building results analysis. The IPO price has been finalized at 61,900 won per share (high end of the IPO price range).</li>
<li>The demand ratio from the institutional investors was 114 to 1. At the IPO price of 61,900 won, the expected market cap will be 6 trillion won. </li>
<li>According to our valuation analysis, it suggests a base case target price of 76,383 won per share, which represents a 23% upside from the IPO price of 61,900 won.</li>
</ul>


LG CNS reported a successful IPO book building results analysis. The IPO price has been finalized at 61,900 won per share (high end of the IPO price range).
The demand ratio from the institutional investors was 114 to 1. At the IPO price of 61,900 won, the expected market cap will be 6 trillion won. 
According to our valuation analysis, it suggests a base case target price of 76,383 won per share, which represents a 23% upside from the IPO price of 61,900 won.


LG CNS IPO Book Building Results Analysis

South Korea

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions. LG CNS serves customers worldwide.

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LG CNS (064400 KS)

LG CNS IPO Trading - Demand Aided by Domestics, Limited Lockup Undertaking

LG CNS (LGCNSZ KS) raised around US$825m in its Korea IPO. LG CNS is a South Korean information technology company. In this note, we will talk...

Clarence Chu

LG CNS IPO: Trading Debut

Since the prospectus's release, the peers have marginally re-rated. The valuation remains undemanding at the IPO price, and bullish grey market...

Arun George

ECM Weekly (3rd Feb 2025) - Seoul Guarantee, Dr Agarwal's, Ather Energy, Hexaware, Visen Pharma

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Details of New IPO System Improvement Measures in Korea

The new rules established by the FSC will discourage the rampant first day trading of Korean IPOs. New rules will encourage the investors to take...

Douglas Kim

LG CNS IPO Book Building Results Analysis

LG CNS reported a successful IPO book building results analysis. The IPO price has been finalized at 61,900 won per share (high end of the IPO...

Douglas Kim

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52-week Range

Market Cap (USDm)

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