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Korea/Asia, Events, IPOs/Douglas Research Advisory

Douglas Kim

Equity Capital Markets

<ul>
<li>Manyo Factory IPO price has been finalized at 16,000 won. The demand ratio for this IPO among institutional investors was very high at 1,800 to 1.</li>
<li>Our base case valuation of Manyo Factory is target price of 29,555 won per share, which represents 85% higher than the the IPO price of 16,000 won. </li>
<li>We believe a premium valuation multiple to the comps is appropriate due to Manyo Factory's higher sales growth rate, operating margins, and ROE than the comps in 2020 to 2023.</li>
</ul>


Manyo Factory IPO price has been finalized at 16,000 won. The demand ratio for this IPO among institutional investors was very high at 1,800 to 1.
Our base case valuation of Manyo Factory is target price of 29,555 won per share, which represents 85% higher than the the IPO price of 16,000 won. 
We believe a premium valuation multiple to the comps is appropriate due to Manyo Factory's higher sales growth rate, operating margins, and ROE than the comps in 2020 to 2023.


Manyo Factory IPO Bookbuilding Results Analysis