In today’s briefing:
- WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule
- Access Bio (950130 KS): COVID-19 Rapid Tests Demand Lose Sheen Sending Share Prices Down to Lows
WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule
- WCP’s institutional subscription rate was 33.28 to 1, one of the lowest for an IPO this size. And nearly all orders sit below the lower end.
- WCP set the price at ₩60,000, even lower than the floor, at an implied market cap of ₩2T. And the issuer also reduced the offering volume from 9M to 7.2M.
- Passive flows equivalent to about 3% of SO will likely flow into WCP by March next year. It is substantial enough to consider designing a flow trade setup.
Access Bio (950130 KS): COVID-19 Rapid Tests Demand Lose Sheen Sending Share Prices Down to Lows
- Access Bio Inc (950130 KS) has been reporting triple-digit revenue growth since 2020, thanks to massive demand for the COVID-19 tests. The performance continued in this year too.
- Going forward, the stellar revenue growth is not expected to be replicated as demand for COVID-19 tests looks uncertain beyond 2022. Revenue from the company’s malaria test is declining.
- Access Bio has developed monkeypox tests. However, monkeypox does not seem be a large and attractive market opportunity, which can compensate for the revenue loss from COVID-19 tests.
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