Daily BriefsIPOs and Placements

Equity Capital Markets: UiPath Inc, Dunamu and more

In today’s briefing:

  • Uipath IPO – Great Business but Is There a Moat?
  • Initial Thoughts on the Dunamu IPO

Uipath IPO – Great Business but Is There a Moat?

By Mio Kato

Uipath filed to IPO on the NYSE with a placeholder amount of $1bn. The company offers robot process automation software integrating AI and machine learning to businesses in a variety of sectors and geographies and offers the high growth rates and strong customer retention that investors find attractive.


Initial Thoughts on the Dunamu IPO

By Douglas Kim

  • In this insight, we provide some details of Dunamu’s IPO as it appears that the company may be leaning towards listing in the US. Dunamu is one of the largest cryptocurrency exchanges in Korea.
  • We compare Dunamu to Coinbase which is expected to complete its direct listing in April. The expected value of Dunamu is wide ranging, depending upon how Coinbase is valued. If we assume Coinbase is valued at $100 billion (high case), the valuation range for Dunamu would be from $10 billion to $20 billion (using 10% to 20% valuation relative to Coinbase). If we assume Coinbase is valued at $40 billion, the valuation range for Dunamu would be from $4 billion to $8 billion (using 10% to 20% valuation relative to Coinbase).
  • Some of the major investors of Dunamu include Kakao Corp, Hanwha Securities, and Woori Tech Investment. We provide sensitivity analysis of Dunamu’s valuation on these three companies. 

Before it’s here, it’s on Smartkarma