WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs

Poor Initial IPO Book Building Results for WCP

WCP IPO: Final IPO Price Set, Still an Avoid

Gravity Works As WeWork Doesn't; Now Plan B

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Equity Capital Markets

<ul>
<li>WCP's institutional subscription rate was 33.28 to 1, one of the lowest for an IPO this size. And nearly all orders sit below the lower end.</li>
<li>WCP set the price at ₩60,000, even lower than the floor, at an implied market cap of ₩2T. And the issuer also reduced the offering volume from 9M to 7.2M. </li>
<li>Passive flows equivalent to about 3% of SO will likely flow into WCP by March next year. It is substantial enough to consider designing a flow trade setup.</li>
</ul>


WCP's institutional subscription rate was 33.28 to 1, one of the lowest for an IPO this size. And nearly all orders sit below the lower end.
WCP set the price at ₩60,000, even lower than the floor, at an implied market cap of ₩2T. And the issuer also reduced the offering volume from 9M to 7.2M. 
Passive flows equivalent to about 3% of SO will likely flow into WCP by March next year. It is substantial enough to consider designing a flow trade setup.


Samsung KODEX Secondary Battery Industry ETF (305720 KS)

Samsung KODEX Secondary Battery Industry ETF

Mirae Asset TIGER Secondary Cell ETF (305540 KS)

Mirae Asset TIGER KRX Secondar (364980 KS)

WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule