LG CNS Pre-IPO - Thoughts on Valuation - Retail Demand Appears Hot, Digestible Val at Bottom End

LG CNS has launched its bookbuild its raise US$815m from its Korean IPO. The final IPO price range is unchanged from its initial indicative price range. In our view, the upside potential at the bottom end appears somewhat limited, thus, while we would take the deal, we would ideally like a wider discount from the bottom end of the price range.