bearish
Ecopro Materials: Reduces IPO Price Range
844 Views12 Oct 2023 18:01
Ecopro Materials reduced the upper end of the IPO price range from 46,000 won to 44,000 won. Our base case valuation of 37,436 won per share is towards to lower end of the IPO price range.
Boomeranged on Thu, 2 Nov 2023 16:15
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).
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