MOBIRIX sees delay of IPO registration as ‘opportunity’
Game company MOBIRIX's IPO (Initial Public Offering) has been delayed, but the bad news turns to opportunity. Meanwhile defer the book building by receiving correction order from the Financial Supervisory Service, the 3Q results improved considerably. It plans to re-challenge the registration of IPO by reflecting the improved performance early in the next year.
According to the investment banking (IB) industry, MOBIRIX is actively investigating and considering defer the schedule for institutional book building, early in the next year. The original institutional book building is from the 5th to the 6th of this month, but the plan was discarded when the Financial Supervisory Service put a break on the stock report filed in early October.
The Financial Supervisory Service issued an unusual correction order on registration statement. Among the companies promoting this year's IPO, only two companies that received correction order, were MOBIRIX and QUANTA MATRIX. In general, even if a problem is found during the stock screening process, if the degree is minor, it does not even issue a correction order. The issuer actively adjusts it, because issuer's reputation may deteriorate if a correction order is received.
According to Financial Supervisory Service’s quote, correction order to MOBIRIX is significantly important. The Financial Supervisory Service mentioned in a related disclosure, "This applies to cases that may hinder reasonable investment decisions or cause serious misunderstandings for investors."
It seemed to be bad news, but it turned as an opportunity. According to the 3Q results of performance, which are superior to those in the first half, were accounted. Mobirix recorded 40.3 billion (KRW) in sales and 7.4 billion (KRW) in operating income last year. Until the first half of this year, sales were 20.2 billion (KRW) and 2.7 billion (KRW) in operating income.
MOBIRIX accounted a value using net income of 6.5 billion (KRW) from the second half of last year to the first half of this year as applied net profit. The applied PER is 27.75x and the value is 182.8 billion (KRW). Reflecting the improvement of 3Q performance, the value could be higher. There is also an option for MOBIRIX that gives the impression that it is inexpensive by maintaining the value as it was 182.8 billion (KRW).