Report
EUR 88.49
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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.
By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth. Together with its partnerships/alliances, it has managed to gain momentum domestically, growing revenue and trimming losses. Aside from its investments to grow both its One Store and One Story, the firm has ambitious growth plans post-IPO as well.
However, our main gripe has been the firm’s valuation methodology. While its alliances position it for growth, it still has ways to go before becoming a force to be reckoned with globally. Aside from peers/valuation, the firm also carries the overhang of a PE investor which would be selling half of its stake during the IPO.
One Store Pre-IPO
One Store is looking to raise up to US$228m in its upcoming 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.
By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth. Together with its partnerships/alliances, it has managed to gain momentum domestically, growing revenue and trimming losses. Aside from its investments to grow both its One Store and One Story, the firm has ambitious growth plans post-IPO as well.
However, our main gripe has been the firm’s valuation methodology. While its alliances position it for growth, it still has ways to go before becoming a force to be reckoned with globally. Aside from peers/valuation, the firm also carries the overhang of a PE investor which would be selling half of its stake during the IPO.
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
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