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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.
However, the firm remains loss making with no signs of being profitable in the near/medium term. Given its aggressive growth strategy, its high cash burn is likely to persist should SoCar aim to continue capturing market share and expand its brand presence. This cash burn will likely have to be funded by additional debt/equity.
Socar Pre-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.
However, the firm remains loss making with no signs of being profitable in the near/medium term. Given its aggressive growth strategy, its high cash burn is likely to persist should SoCar aim to continue capturing market share and expand its brand presence. This cash burn will likely have to be funded by additional debt/equity.
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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