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If the competition rate for SK Biopharm subscription comes out, 25 shares will be allocated at 100 million won
Probability of achieving the highest competition rate in history
Kakao Games, which is considered the most anticipated action in the IPO market in the second half of the year, offers subscriptions to investors in general for two days from the first.
In the financial investment industry, there is also an expectation that Kakao Games will outperform SK Biopharm to record the highest competition rate in this underwriting process.
According to the stock report published in the Electronic Disclosure System (DART) of the Financial Supervision Service, Kakao Games allocated 3.2 million shares, 20% of the total public offering (16 million shares), as the subscription amount for investors in general.
The underwriting margin rate for general investors is 50%.
This means that when you subscribe, you must deposit half of the desired amount as margin in advance to receive the share allocation.
Assuming Kakao Games records the same overall underwriting competition rate (323.02 to 1, unified basis) as SK Biopharm, which raised 31 trillion won of margin, the largest in domestic IPO history, about 8,300 shares (with a margin of 100 million won). For an individual investor subscribing shares of 24,000 won per share), it is estimated that approximately 25 shares of shares can be allocated.
In the industry, there is also the possibility that Kakao Games will break the record competition rate in the demand forecast for general investors by following the institutional demand forecast. In this case, even if a margin of 100 million won is put in, only two weeks are received and the subscription threshold is increased even more. It gets higher.
Previously in the KOSDAQ market, Eruda, a skin care device company, posted an all-time high in underwriting competition rate of 3.39.56 to 1.
Seung-Doo Na, a researcher at SK Securities, said: “The current market liquidity is a level that offsets the valuation of corporate value.” Tenny, this subscription will be pretty hot. “
Furthermore, from the point of view of individual investors, the joys and expenses of the underwriting results of each brokerage are expected to be mixed.
This is because the number of shares allocated to each host company and acquisition company is different, and the underwriting competition rate is different.
According to the Kakao Games Securities Report, 1.76 million shares and 1.28 million shares were allocated to Korea Investment Securities and Samsung Securities, respectively, and 160,000 shares were allocated to KB Securities, the acquisition company, in this public offering for investors in general.
At first glance, it seems advantageous to apply to subscribe to Korea Investment & Securities, which has a large amount of allocation, but KB Securities can be advantageous in terms of competition.
In fact, at the time of SK Biopharm’s last public offering, SK Securities, which had the lowest underwriting allowance amount, posted the lowest competition rate at 254.47: 1.
Kakao Games is a specialized gaming subsidiary of Kakao, which was launched in April 2016, and Kakao owns 58.96% of the shares at the end of June.
The company posted a competition rate of around 1,479 to 1 in the demand forecast for institutional investors made late last month, and since the introduction of the domestic demand forecast system in 1999, the company has rewritten the rate highest competition in history.
/ yunhap news
