Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/h-pio-co-ltd" target="_blank" data-smartkarma-citation="entities:32204:1" rel="noopener">H.PIO (357230 KS)</a> is getting ready to complete its IPO in April. The IPO price range is from 22,200 won and 25,400 won. The IPO base deal size is from $78 million to $89 million. According to the bankers' valuation, the expected market cap is from 443 billion to 506 billion won. The book building for the institutional investors starts on 5 April 2021. Established in April 2012, H.Pio is one of the largest functional health food companies in Korea. H.Pio has accumulated brand loyalty among many consumers, releasing a number of top-tier products centering on its premium brand Denps. Its major products include probiotics (Denmark Probiotics Story), vitamins (Truvitamin), and collagen (Young Collagen Inner Seal). H.Pio's strong partnerships with CHR Hansen (Denmark) and DSM (Netherlands) are important competitive strengths of the company. CHR Hansen is a global leader in probiotics products. H.Pio imports numerous probiotics, vitamins, and other functional food products from companies such as CHR Hansen and DSM and sells them in Korea. The company has experienced an excellent growth in sales growth in the past several years. Its sales jumped by 143.7% YoY in 2020. It sales increased by 71.6% CAGR from 2017 to 2020. H.Pio's operating margins averaged 17.5% from 2017 to 2020.

H.PIO (357230 KS) is getting ready to complete its IPO in April. The IPO price range is from 22,200 won and 25,400 won. The IPO base deal size is from $78 million to $89 million. According to the bankers' valuation, the expected market cap is from 443 billion to 506 billion won. The book building for the institutional investors starts on 5 April 2021. Established in April 2012, H.Pio is one of the largest functional health food companies in Korea. H.Pio has accumulated brand loyalty among many consumers, releasing a number of top-tier products centering on its premium brand Denps. Its major products include probiotics (Denmark Probiotics Story), vitamins (Truvitamin), and collagen (Young Collagen Inner Seal). H.Pio's strong partnerships with CHR Hansen (Denmark) and DSM (Netherlands) are important competitive strengths of the company. CHR Hansen is a global leader in probiotics products. H.Pio imports numerous probiotics, vitamins, and other functional food products from companies such as CHR Hansen and DSM and sells them in Korea. The company has experienced an excellent growth in sales growth in the past several years. Its sales jumped by 143.7% YoY in 2020. It sales increased by 71.6% CAGR from 2017 to 2020. H.Pio's operating margins averaged 17.5% from 2017 to 2020. 

H.PIO

H.PIO IPO Preview