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On the 2nd, the deadline for subscribing to Kakao Games’ public offering shares, individual investors await their turn at the sales department at the Seoul Yeouido headquarters of Korea Investment & Securities. The margins of the three securities companies that offered subscriptions reached a record high of about 59 trillion won. Reporter Huh Moon-chan [email protected]
Kakao Games has achieved a new record in the domestic IPO market. Almost 59 trillion won of margin was pooled in the public offering for ordinary investors. In June, SK Biopharm changed its record (around KRW 31 billion) at once. This is an analysis that young investors like those in their 20s and 30s, disappointed by the rise in house prices, have entered the publicly-offered stock market with credit loans.
Korea Investment & Securities, the representative organizer of the listing for Kakao Games, announced on the 2nd that the final competition rate was counted as 1525 to 1 as a result of the general subscription term. The underwriting margin was 5.8 trillion won. Kakao Games’ public offering is 384 billion won, which is only about 40% of SK Biopharm (96 billion won), but more margin has been obtained. The investment rush is said to have been much hotter. Due to the increase in orders, access to the system was delayed for about 30 minutes at Samsung Securities the day before and Korea Investment & Securities that day. Kakao Games also dominated popular real-time search terms from the major portals.
The stock market notes that a large influx of young investors in their 20s and 30s in the public offering stock market is the main reason for the box office success. It is said that when the interest rate on credit loans fell to the level of 2% per annum due to liquidity overflow, it is said to have sunk into ‘debt investment’ (invested in debt). Deposits from securities companies, which are the reserve fund of the stock market, soared from 33 trillion won at the end of March to 60 trillion won at the end of August, setting a record. On the 31st of last month, the day before the subscription to Kakao Games, it increased by about 6 billion won. Other banknote loans (credit loans, equity-backed loans, etc.) also increased by 3.7 trillion won in July. This is the largest increase in history through July.
The learning effect was great when we saw that SK Biopharm ran its upper limit for three consecutive days right after listing in early July. The fact that the offer price per share (24,000 won) was set lower than expected is an analysis that sparked the subscription craze. Kakao Games will begin trading on the KOSDAQ market on the 10th.
“House price is too high to target public offering stock” … 2030 and so on
CMA balance exceeded 60 trillion … Industry public offering shares likely to continue
Investors are waiting for an inquiry at the Mapo branch of Samsung Securities to subscribe to the Kakao Games IPO, which is considered the main word of the public offering market in the second half of the year. Provided by Samsung Securities
Clerk Lee Mo, 28, opened a negative bank passbook for the first time to subscribe to a Kakao Games public offering. A total of 100 million won was added to the underwriting margin, including the surplus funds raised thus far. Lee said, “I heard my friend made a lot of money investing in SK Biopharmaceuticals, and this time, I was ‘young (which means I have raised my soul).’ “The real estate was offered publicly because the price of the house was too high. Said.
1 share for KRW 18.3 million
Individual investors trusted 5.8 trillion won in money as margin for the two-day subscription to Kakao Games’ public offering. In June, SK Biopharm set a record (around KRW 31 billion). The overall record for underwriting competition rates was also recently drawn up. The competition rate for general subscriptions over two days was 1525-1. The competition rate per securities company was 1547-1 at Korea Investment & Securities, 1495-1 at Samsung Securities, and 1522-1 at KB Securities.
Accordingly, investors will be allocated one Kakao Games share for every 18.3 million won underwriting margin. Assuming that Kakao Games posted a “ higher price after the initial price is more than double the public offering price ” on the trading day, a valuation gain of 115,000 won per share can be made. The competition rate is so high that the return on investment is lower than expected.
Kakao Games predicted a hit from the demand forecast for institutional investors. Kakao Games set a new record with a 1479-to-1 competition rate on a demand forecast before listing on the KOSDAQ market last month. On the first day of general subscription of public offering shares on Day 1, 16.4 trillion won was concentrated, demonstrating the rush for public offering shares. On the first day, the competition rate was 427-1. SK Biopharm, which raised 31 trillion won, the largest margin in national IPO (public disclosure) history, posted a final competition rate of 323-1. (built-in standard) in general investor subscriptions. Kakao Games set a new record just by registering on day one.
A large number of “ young ” investors in 2030
A large number of subscribers in their 20s and 30s joined the Kakao Games subscription. After seeing the SK Biopharm jackpot two months ago, they opened a negative bank book and received a loan, and then began to “borrow the investment.” It is analyzed that after the new coronavirus infection (Corona 19) earlier this year, the 20s and 30s that entered the ‘Donghak Ant Movement’ in the face of a strong rebound in the stock market were actively incorporated into the public stock market while they had fun with actions. It also influenced the fact that the possibility of building a house was reduced due to the increase in the real estate market and that there was no suitable investment destination.
Stock prices believe SK Biopharm’s learning effect worked too. SK Biopharm’s offering price was 49,000 won, but the current share price has more than tripled. Investors seem to have focused on the expectation that Kakao Games will become the second SK Biopharm.
It is also a good condition for young people to invest in public offerings that are safer than stocks. Public offering stocks rarely fall below the offering price immediately after listing, so there is little risk of losing investment.
Experts predict that public offering stocks will continue for some time based on abundant market liquidity. As the balance of the comprehensive asset management (CMA) account of the securities company exceeded 60 trillion KRW for the first time in history, the equity market is increasing. A Korea Investment & Securities official said: “Since IPO targets like Big Hit Entertainment are scheduled to be launched in the second half, interest in public offerings is expected to continue.”
Reporter Jeon Ye-jin [email protected]
