Aequitas Research - KAKAO CORP (35720) ... Kakao Pay Placement

Report

Aequitas Research

Sumeet Singh

EUR 93.30 For Business Accounts Only

Kakao Pay Placement

Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.

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 deal dynamics and run the deal through our ECM framework.

We have covered various aspects of the IPO, including the lockup dynamics 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
Kakao Pay IPO lock-up - IPO was great, performance since then has been tepid

07/06/2022 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 Placement

Kakao Corp: 1 director

ECM Weekly (12th June 2022)

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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