Kakao Games, regular subscription starting today … Will it outperform SK Biopharm?

Entry 2020.09.01 06:57

Kakao Games, one of the biggest players in the IPO market in the second half of the year, will offer subscriptions to general investors from the 1st. There is also an expectation that Kakao Games will outperform SK Biopharm and achieve the highest competition rate on this subscription.

According to a stock market report published in the Electronic Disclosure System (DART) of the Financial Supervision Service, Kakao Games allocated 3.2 million shares, 20% of the total volume of public offering (16 million shares), as subscriptions to investors general. The underwriting margin rate for general investors is 50%. When you subscribe, you must deposit half of the desired amount as margin up front 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 highest in domestic IPO history, about 8,300 shares (2 per share) with a margin of 100 million won. Individual investors who have subscribed for shares of 14,000 won) can receive approximately 25 shares.

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, it is highly likely that even if a margin of 100 million won is placed, you will only receive about two weeks.

Previously in the KOSDAQ market, Eruda, a skin beauty medical device company, posted an all-time high in subscription competition rate of 3039.56: 1.

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.