Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>The IPO price of TXR Robotics has been finalized at 13,500 won per share, which is at the high end of the IPO price range. </li>
<li>The demand ratio among institutional investors was 862.6 to 1. </li>
<li>According to our valuation analysis, it suggests an implied price of 19,673 won per share, which is 46% higher than the IPO price (13,500 won).</li>
</ul>


The IPO price of TXR Robotics has been finalized at 13,500 won per share, which is at the high end of the IPO price range. 
The demand ratio among institutional investors was 862.6 to 1. 
According to our valuation analysis, it suggests an implied price of 19,673 won per share, which is 46% higher than the IPO price (13,500 won).


TXR Robotics: IPO Book Building Results Analysis

<ul>
<li>According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).</li>
<li>Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.</li>
<li>To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps' valuation multiple.</li>
</ul>


According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps' valuation multiple.


<ul>
<li>TXR Robotics is getting ready to complete its IPO in KOSDAQ in March 2025. TXR Robotics is a robot and logistics automation company in Korea.</li>
<li>The company plans to offer 3.075 million shares in the IPO. The IPO price range is from 11,500 won to 13,500 won.</li>
<li>The bankers used PSR method to value TXR Robotics. The bankers used five companies including Yuil Robotics, Robotis, Neuromeka Co, Kornic Automation, and Hyundai Movex as comps.</li>
</ul>


TXR Robotics is getting ready to complete its IPO in KOSDAQ in March 2025. TXR Robotics is a robot and logistics automation company in Korea.
The company plans to offer 3.075 million shares in the IPO. The IPO price range is from 11,500 won to 13,500 won.
The bankers used PSR method to value TXR Robotics. The bankers used five companies including Yuil Robotics, Robotis, Neuromeka Co, Kornic Automation, and Hyundai Movex as comps.


South Korea

TXR Robotics Co., Ltd. develops sorting machine equipment. The Company produces vertical tilt tray sorters, wheel sorters, clamshell sorters, and other products. TXR Robotics conducts businesses in South Korea.

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TXR Robotics (484810 KS)

TXR Robotics: IPO Book Building Results Analysis

The IPO price of TXR Robotics has been finalized at 13,500 won per share, which is at the high end of the IPO price range.

Douglas Kim

TXR Robotics IPO Valuation Analysis

According to our valuation analysis of TXR Robotics, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of...

Douglas Kim

TXR Robotics IPO Preview

TXR Robotics is getting ready to complete its IPO in KOSDAQ in March 2025. The company plans to offer 3.075 million shares in the IPO. The IPO...

Douglas Kim

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