Aequitas Research - KAKAO CORP (35720) ... Kakao Pay IPO Lock-up

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Aequitas Research

Sumeet Singh

EUR 92.12 For Business Accounts Only

Kakao Pay IPO Lock-up

Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO in Nov 21.

The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.

In this note, we will talk about the lock-up dynamics and updates since our last note.

We have covered various aspects of the IPO in our earlier notes:
Kakao Pay IPO - Guided by Ant Financial to be a mini Ant,
Kakao Pay IPO - Peer comparison - local and international
Kakao Pay IPO - Valuation and likely Impact of latest announcement
Kakao Pay IPO - Low-end still appears reasonable but stock will more likely be driven by sentiment.
Kakao Pay IPO - Comparison with Kbank and an alternate look at valuation
Kakao Pay IPO Trading - Won’t be chasing

26/04/2022 1 EN

Underlyings

KAKAO CORP

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Kakao Corp.

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.

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KR7035720002 Korea Stock Exchange South Korea

Provider

Aequitas Research

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.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Kakao Pay IPO Lock-up

Kakao Corp: 1 director

ECM Weekly (12th June 2022)

Kakao Pay Placement

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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