In today’s briefing:
- SK Shieldus IPO: The Syndicate’s Revised Methodology
- SSG.Com & 11st: Need to Drastically Cut Their Valuations to Complete Their IPOs in 2022/2023
SK Shieldus IPO: The Syndicate’s Revised Methodology
- SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion.
- The primary change in the updated prospectus is the syndicate’s valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.
- Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.
SSG.Com & 11st: Need to Drastically Cut Their Valuations to Complete Their IPOs in 2022/2023
- SSG.com is getting ready for an IPO in 2H 2022/1H 2023. Local media have mentioned that SSG.com is targeting a valuation of 10 trillion won for the company.
- We believe SSG.com would need to cut the valuation by at least 50% (5 trillion won) in order to complete its IPO.
- We believe valuation levels of 11st would need to come down significantly in the 2 trillion won to 3 trillion won range in order for an IPO to be completed.
Before it’s here, it’s on Smartkarma
