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Most Read: Kweichow Moutai, LG Energy Solution, Kakao Pay and more

In today’s briefing:

  • LG Energy Bookbuilding: Detailed Results
  • FTSE China A50 Index Ground Rule Change: Big Flows & Large Turnover in March
  • LG Energy Solution (373220 KS) IPO: Bookbuilding Results & Implications
  • End of Lock-Up Periods for Kakao Pay, Kakao Bank, Krafton, HHI, & SD Biosensor in 1Q 2022
  • ECM Weekly (16th Jan 2022) – LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

LG Energy Bookbuilding: Detailed Results

By Sanghyun Park

  • This IPO led to unusually high interest from local active funds. This is evidenced by the order volume
  • Nevertheless, many local institutions must have felt burdened with LG Energy’s valuation, so they wanted to avoid setting the offering price above the upper end.
  • As for the relatively poor lockup result, the issuer’s refusal to incentivize lockup to set the float rate to around 10% may also have played a part.

FTSE China A50 Index Ground Rule Change: Big Flows & Large Turnover in March

By Brian Freitas


LG Energy Solution (373220 KS) IPO: Bookbuilding Results & Implications

By Brian Freitas

  • The LG Energy Solution (373220 KS) IPO was oversubscribed 2,023 times. At the IPO price of KRW 300,000/share, that works out to US$11.92 trillion of bids.
  • Over 77% of the shares bid for by institutions had voluntary lock-ups from 15 days to 6 months. The final allocations could have between 60-65% of the allocation locked up.
  • Fast Entry to the KOSPI2, MSCI Standard and the FTSE All-World Indexes is a near certainty. Around 15% of float will be bought by these passive trackers in Feb/March.

End of Lock-Up Periods for Kakao Pay, Kakao Bank, Krafton, HHI, & SD Biosensor in 1Q 2022

By Douglas Kim

  • In this insight, we discuss the end of lock-up periods for Kakao Pay, KakaoBank, Hyundai Heavy Industries, Krafton Inc, and SD Biosensor in 1Q 2022.
  • Typically, investors tend to focus on the end of the lock-up periods in Korea about 1-2 months ahead of the actual end of these lock-up periods.
  • Among these five companies, there are relatively large number of shares that could be sold post end of the lock-up periods for Kakao Pay and Kakao Bank in 1Q 2022. 

ECM Weekly (16th Jan 2022) – LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • LG Energy Solution (373220 KS) saw very strong demand for its mega US$10bn+ IPO.
  • While other IPO markets were in torpor, a number of placements continued to flow in.

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