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SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing. Car sharing is SoCar's flagship service that allows a user to use as many vehicles as they want in ten-minute increments. According to the company, it has approximately 80% domestic market share in the car sharing space. As of May 2022, SoCar has over 8m subscribers and over 10m SoCar app downloads.
While SoCar seeks to be an all-in-one mobility solution provider, the bulk of its revenues still come from its car sharing segment. The car sharing market also remains a highly competitive one with existing players that are already profitable. In this note, we will take a look at its valuations vs that of listed peers.
SoCar IPO
SoCar is looking to raise up to US$159m in its upcoming Korea IPO.SoCar is a Korean car sharing business which aims to become an all-in-one mobility solutions provider beyond car sharing. Car sharing is SoCar's flagship service that allows a user to use as many vehicles as they want in ten-minute increments. According to the company, it has approximately 80% domestic market share in the car sharing space. As of May 2022, SoCar has over 8m subscribers and over 10m SoCar app downloads.
While SoCar seeks to be an all-in-one mobility solution provider, the bulk of its revenues still come from its car sharing segment. The car sharing market also remains a highly competitive one with existing players that are already profitable. In this note, we will take a look at its valuations vs that of listed peers.
Underlying
Socar Inc
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.
Ethan Aw
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