Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

SOCAR IPO Post-Listing Flow: VC-Triggered Overhang Vs. Lotte's Counter Move

Korea IPOs for 2022: 1H Review & 2H Schedules for Flow Clash Risk

Socar: The Biggest Car-Sharing Platform in Korea Becomes the Next Unicorn

The Blockchain Delusion. A (Mostly) Bearish Investment Thesis.

Gravity Works As WeWork Doesn't; Now Plan B

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>This IPO's valuation is the trickiest among Korea's recent IPOs. Whether all of these ten valuation peers have high enough business relevance to SOCAR is highly doubtful.</li>
<li>Whether SOCAR can evolve from a simple car sharing (or rental) operator to an in-vehicle software platform provider actually determines the success or failure of this IPO.</li>
<li>However, the IPO prospectus available to us lacks the evidence to favorably judge SOCAR's growth potential. So, I will consider taking this IPO as conservatively as possible.</li>
</ul>


This IPO's valuation is the trickiest among Korea's recent IPOs. Whether all of these ten valuation peers have high enough business relevance to SOCAR is highly doubtful.
Whether SOCAR can evolve from a simple car sharing (or rental) operator to an in-vehicle software platform provider actually determines the success or failure of this IPO.
However, the IPO prospectus available to us lacks the evidence to favorably judge SOCAR's growth potential. So, I will consider taking this IPO as conservatively as possible.


SOCAR

SOCAR IPO: Another Absurd Valuation