Report
EUR 85.33
For Business Accounts Only
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing was initially planned for 13th May as well but has been pushed back to end May. While the updated prospectus contained a change in peers used as a reference for valuation, the peer average had actually increased from the earlier peer set’s average, and the wider discount applied led to the same guided IPO range.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified. Assuming a conservative 40% discount to its peer’s simple average, at the bottom end, there is an upside potential of 26.1% on the FY22E front and 32.3% on the FY23E front, on a EV/gross profit basis.
One Store IPO
One Store is looking to raise up to US$228m in its Korean IPO.One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing was initially planned for 13th May as well but has been pushed back to end May. While the updated prospectus contained a change in peers used as a reference for valuation, the peer average had actually increased from the earlier peer set’s average, and the wider discount applied led to the same guided IPO range.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified. Assuming a conservative 40% discount to its peer’s simple average, at the bottom end, there is an upside potential of 26.1% on the FY22E front and 32.3% on the FY23E front, on a EV/gross profit basis.
Underlying
One Store Co Ltd
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
Other Reports on these Companies
Other Reports from Aequitas Research
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.