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

Kakao Corp Placement - Selldown by Founder

Kakao, Biggest Gain in Loan Balance Among KOSPI on Valuation Concern Ahead of May 3

Kakao Entertainment - Buys US Based Tapas & Radish to Get Ready for an IPO in 2022

Coinbase Direct Listing Valuation Analysis

Kakao: SoTP Valuation & Cryptocurrency Exchange Optionality

TMI Snapshot:  Bitcoin Vs. Gold Update and Recent Crypto Topics Via Text Mining

Equity Capital Markets

<ul>
<li>In this insight, we provide some details of Dunamu's IPO as it appears that the company may be leaning towards listing in the US. Dunamu is one of the largest cryptocurrency exchanges in Korea.</li>
<li>We compare Dunamu to Coinbase which is expected to complete its direct listing in April. The expected value of Dunamu is wide ranging, depending upon how Coinbase is valued. If we assume Coinbase is valued at $100 billion (high case), the valuation range for Dunamu would be from $10 billion to $20 billion (using 10% to 20% valuation relative to Coinbase). If we assume Coinbase is valued at $40 billion, the valuation range for Dunamu would be from $4 billion to $8 billion (using 10% to 20% valuation relative to Coinbase).</li>
<li>Some of the major investors of Dunamu include Kakao Corp, Hanwha Securities, and Woori Tech Investment. We provide sensitivity analysis of Dunamu's valuation on these three companies. </li>
</ul>


In this insight, we provide some details of Dunamu's IPO as it appears that the company may be leaning towards listing in the US. Dunamu is one of the largest cryptocurrency exchanges in Korea.
We compare Dunamu to Coinbase which is expected to complete its direct listing in April. The expected value of Dunamu is wide ranging, depending upon how Coinbase is valued. If we assume Coinbase is valued at $100 billion (high case), the valuation range for Dunamu would be from $10 billion to $20 billion (using 10% to 20% valuation relative to Coinbase). If we assume Coinbase is valued at $40 billion, the valuation range for Dunamu would be from $4 billion to $8 billion (using 10% to 20% valuation relative to Coinbase).
Some of the major investors of Dunamu include Kakao Corp, Hanwha Securities, and Woori Tech Investment. We provide sensitivity analysis of Dunamu's valuation on these three companies. 


Dunamu

Dunamu IPO에 대한 초기 생각