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Kakao Games broke a new record for the competition rate in the IPO demand forecast. Before listing on the KOSDAQ market, numerous investors are expected to attend the general subscription.
According to Kakao Games (CEO Nam Gung-hoon and Gye-hyun Jo) on the 31st, the demand forecast for domestic and foreign institutional investors, which ran for two days starting on the 26th, recorded around 1,479: 1, the highest competition rate in the history of the IPO.
A total of 1,745 domestic and foreign institutions participated in the demand forecast, and the largest number of institutional investors participated among public offering companies in Korea. In particular, 407 foreign institutional investors were attracting global attention.
According to the demand forecast, 16,674,68385 shares of 11,1277912 shares were received, 70.49% of 16 million shares. That is why the competition rate was 1479 to 1.
Furthermore, 100% of the participation volume featured the upper end of the band’s range (20,000 won to 24,000 won), and the final offer price was decided at 24,000 won.
Based on the confirmed public offering price, Kakao Games will proceed with the subscription for public offering for general investors for two days from the first of the following month. It is expected to be listed on the KOSDAQ market on the 10th of the same month.
The total amount of funds raised through this public offering is 386 billion won. Kakao Games explained that it will be used to strengthen development capabilities, secure new IPs and alignments, and invest in global market expansion.
Kakao Games, a games subsidiary of Kakao, is a games company that combines the publishing and development of mobile and online PC games based on a solid platform.
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In the second half of the year, the company plans to become a global comprehensive games company by introducing various game genres such as the mobile MMORPG ‘Odin: Valhalla Rising (working name)’, starting with the multi-access role-playing game for PC. (MMORPG) ‘Elion’.
Kakao Games CEO Nam Gung-hoon said: “I am happy to have been recognized by domestic and foreign investors for the competitiveness and future value of the company, and to have achieved significant results in the public offering market.” “I sincerely thank the institutional investors who participated in the demand forecast.”
