Kakao Bank Placement
Netmarble aims to raise up to US$415m via selling 1.5% stake in Kakao Bank. This is not the first selldown by Netmarble and hence, it might be kind of expected as it comes after the three month lock-up expired last month.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
We have covered various aspects of the deal in our previous notes:
Kakao Bank IPO - Riding on parents network but boundaries with Kakao Pay remain unclear, Kakao Bank IPO - Pricey as It Should Be
Kakao Bank IPO - Lack of Lock-Up and MSCI, FTSE Index Implications, and
Kakao Bank IPO Trading - One for Instis, Closer Look at FTSE and MSCI Inclusion. Remain Buyers
Kakao Bank - MSCI Done, Missed FTSE by a Whisker
Kakao Bank Placement - Its Expensive but the Discount Is Enticing
Kakao Bank Lock-Up - Watch Out for Netmarble Led Blocks
2022 High Conviction - Kakao Bank - A Long Way to Go
Kakao is engaged in the provision of Internet services to its users and advertisers. Co. provides its owned and operated online properties and services for its users. Co. provides a range of tools and marketing services designed to enable businesses to reach its users for its advertisers.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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