Ecopro Materials: Reduces IPO Price Range

Ecopro Materials IPO book building period ends on 3 November. Since 12 October when the company lowered the high end of the IPO price range, the share price of the comps (Posco Future M, L&F, and Cosmo AM&T) are down 17% on average which is likely to further negatively impact the IPO demand. We maintain our Bearish view of the Ecopro Materials IPO (starts trading on 17 November).