Stonebridge Ventures eyeing IPO at valuation of $159 mil Seoul-based venture capital firm receives green light from Korea Exchange
Translated by Ryu Ho-joung 공개 2021-12-22 08:04:17
이 기사는 2021년 12월 22일 07:59 thebell 에 표출된 기사입니다.
Stonebridge Ventures is planning to go public in the first quarter of next year at a valuation of up to 190 billion won ($159 million).The Seoul-based venture capital firm has recently received a nod from the Korea Exchange for its initial public offering on the country’s junior Kosdaq bourse, about two month after filing preliminary documents in October.
The firm is working with its lead managers, KB Securities and Samsung Securities, to file a registration statement with the Financial Supervisory Service in January, with a target of listing in the first quarter of 2022.
Stonebridge Ventures plans to sell 4.5 million shares in the IPO, or about a quarter of the total number of shares to be listed. It is likely that about 40% of these shares will be a fresh issue of shares, with an offer for sale from existing shareholder FV Holdings accounting for the rest.
Stonebridge Ventures was split off from Stonebridge Capital in May 2017, with a 97% stake in the firm owned by FV Holdings. The venture capital firm had over 700 billion won in assets under management at the end of June this year with more than 15 active funds.
Its revenues are mostly generated from management and performance fees, with an average annual operating profit margin of 50%. 2020 was a record year for the firm, which recorded an operating profit of 14.7 billion won and an operating profit margin of 60%.
The firm’s proposed price range of 9,000 won to 10,500 won per share suggests a company valuation of between 160 billion won and 190 billion won.
It is said that Stonebridge Ventures estimated its value by using the price-to-earnings (P/E) multiple. Given the average P/E ratio of 11-12 times for publicly traded venture capital firms in South Korea, Stonebridge Ventures’ annualized net profit is estimated to be 15 billion won to 20 billion won.
Clouding investor outlook on the venture capital industry is one of the challenges facing the firm as it prepares for the IPO. South Korean venture capital firm KTB Network’s listing earlier this month attracted tepid investor interest, with its IPO price set at the lower end of the price range.
Of 15 venture capital firms listed on the local stock exchange, about six firms have more than 200 billion won in market value. Based on Monday’s closing prices, KTB Network had a market capitalization of 553 billion won, Aju IB Investment of 484.5 billion won, Mirae Asset Venture Investment of 377.5 billion won, SBI Investment of 262.5 billion won and Atinum Investment of 244 billion won. (Reporting by Chul Kang)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 경남제약 품는 휴마시스, 유통네트워크·진단키트 '시너지'
- [Company Watch]글로벌텍스프리, 프랑스 자회사 '적자 전환'
- [Red & Blue]'주목도 높아지는 폐배터리' 새빗켐, 침묵 깨고 반등
- [HLB '리보세라닙' 미국 진출기]시장 우려 불식 나선 진양곤, 갑자기 마련된 기자회견
- 효성화학 특수가스 사업부, '경영권 지분 매각'으로 선회
- 한양, 만기도래 회사채 '사모채'로 차환한다
- 동인기연, 'GS 출신' 30년 베테랑 전호철 상무 영입 '성장 방점'
- 에스트래픽, 적자 '일시적 현상'... 2분기 수익개선 기대
- [Company Watch]'자회사 회생신청' 투비소프트, 성과 없는 신사업
- '크라우드 펀딩' 와디즈, '테슬라 요건' 상장 추진