
In today’s briefing:
- Bukwang Pharm Announces A Capital Raise of 100 Billion Won
- CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session
- SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO

Bukwang Pharm Announces A Capital Raise of 100 Billion Won
- On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today.
- The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price).
- We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits.
CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session
- CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
- According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
- This IPO in particular was a difficult deal to value for IPO investors based upon being a “first mover” in the AI space.
SmartStop Self Storage (SMA): CEO Confident in Bottoming Self-Storage Market Ahead of IPO
- The company is primarily a “growth by acquisition” story but does have a bullish outlook based upon strong occupancy and improving metrics.
- The underwriters have reserved up to 10% of the shares in this offering through a directed share program.
- This IPO “may” be more attractive for investors that “covet yield” versus traditional IPO players.