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

Established in 2016, PIMS Co ("Prominent Initiator of Mask Solution") is getting ready to complete its IPO on the KOSDAQ exchange in September. The IPO price range is from 15,000 won to 19,000 won. The IPO base deal size is between $25 million and $32 million. According to the bankers' valuation, the expected market cap of the company is from 114 billion won to 144 billion won.PIMS specializes in making OLED display metal masks, which are key components of OLED screens that are used in various consumer devices including smartphones. PIMS has excellent technology and processes for making OLED metal masks including etching, tensioning, welding, and frames. The company's ability to internally manufacture these processes rather than outsource some of these manufacturing processes allows the company to maintain high-profit margins. The company has generated very strong growth in revenue and profits in the past three years. PIMS generated revenue of 37.8 billion won (up 208.9% YoY) and an operating profit of 6.5 billion won (up 193.7% YoY) in 2019. It had revenue of 23.7 billion won (up 106% YoY) and an operating profit of 4.6 billion won (up 204% YoY) in 1H 2020.

Established in 2016, PIMS Co ("Prominent Initiator of Mask Solution") is getting ready to complete its IPO on the KOSDAQ exchange in September. The IPO price range is from 15,000 won to 19,000 won. The IPO base deal size is between $25 million and $32 million. According to the bankers' valuation, the expected market cap of the company is from 114 billion won to 144 billion won.PIMS specializes in making OLED display metal masks, which are key components of OLED screens that are used in various consumer devices including smartphones. PIMS has excellent technology and processes for making OLED metal masks including etching, tensioning, welding, and frames. The company's ability to internally manufacture these processes rather than outsource some of these manufacturing processes allows the company to maintain high-profit margins. The company has generated very strong growth in revenue and profits in the past three years. PIMS generated revenue of 37.8 billion won (up 208.9% YoY) and an operating profit of 6.5 billion won (up 193.7% YoY) in 2019. It had revenue of 23.7 billion won (up 106% YoY) and an operating profit of 4.6 billion won (up 204% YoY) in 1H 2020. 

PIMS Inc

PIMS Co IPO Preview