SK Shieldus Pre-IPO
SK Shieldus (SKS) aims to raise around US$800m via a mix of issuing primary and secondary shares in its Korea IPO.SKS is the security subsidiary of SK Telecom, or SK Square post the spin-off. SKS provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety & Care.
The company has been reporting steady revenue growth as it has used its presence in the physical and cybersecurity space to branch into newer categories of convergence and safety & care.
Although, even as revenue has grown steadily its margins have been volatile. A look at the company’s previous financial data shows that both of its key segments, physical security and cybersecurity have been suffering from margin pressure for quite a few years. Moreover, the company is now heavily in debt, which wasn’t the case when it was formed via an acquisition and merger arrangement in 2018.
In this note, we will talk about the positive and negative aspects of the deal.
SK Telecom is a wireless telecommunications services provider in the Republic of Korea (South Korea). Co. provides the following services: wireless Internet services, which include music portal services, game portal services, multimedia services, and wired and wireless integrated multimedia services; ubiquitous and convergence services, which include telematics, digital home, commerce, mobile radio frequency identification and mobile community; international roaming services, which include global system for mobile communication; video telephony services, which enable subscribers incorporating video conferences, as well as B2B services.
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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