[단독] SK Basa holds 85% of the institution’s obligations… Less circulating volume than’Biopharm’

It was confirmed that 85% of SK Bioscience’s public offering stocks allocated to institutions such as pension funds, mutual aid associations, and asset management companies were not available for sale on the day of listing. As institutions that announced their intention to hold for more than 6 months received many public offerings, the ratio of obligatory holdings was higher than in the forecast of demand. Like SK Biopharm and Kakao Games, there has also been a growing expectation that the company will be able to reap ‘Tasang (the closing price rises up to the price limit after the initial price on the day of listing is double the public offering price).’

On the 12th, SK Bioscience further revealed the status of institutional assignments and public offering subscriptions through the stock issuance performance report. A total of 12,622,500 shares of public offering stocks allocated to the institution, of which 85.3% of them were committed to holding obligations, reached a whopping. Among the institutions that participated in the demand forecast earlier, about 60% of the institutions have applied for mandatory retention.

A representative of an asset management company explained, “The issuer and the organizer gave more weight to the institution that presented the confirmation, and allocated more quantities,” he said. “When allocating popular public offering stocks, even a small amount of confirmation is given preferential treatment.”

Commitment to hold obligatory means not to sell for a certain period of time after receiving a public offering stock. It is also called protection jesus or lock-up. Institutions participate in the demand forecast of public offering stocks and write the price per share and the commitment period together. In general, the more popular public offering stocks, the longer the commitment period is. From the standpoint of the issuer and the organizer, the company’s stock price can be sustained only when the institution holds public offerings for a long time. This is why it has become customary to give additional points to institutions that have expressed their intention to retain them for a long time. Usually, organizations suggest a commitment period by choosing one of four options: 15 days, 1 month, 3 months, and 6 months.

SK Bioscience’s commitment rate surpasses those of companies that have hit the jackpot since listing last year. Last year, 52.3% of SK Biopharmaceuticals, which left a record of unanswered ‘Bad Sangsang’, and 72.6% of Kakao Games, recorded ‘Bad Sangsang’. Among the total mandatory commitments, the proportion of 6 months (31.3%) was the highest, followed by 3 months (26.4%) and 1 month (24.7%). At the time of demand forecasting, a total of 857 cases were applied for confirmation, and about 22% in 6 months. That means that the institution that offered a six-month commitment received a lot of public offerings.

A representative of another asset management company said, “When allocating public offering stocks, it is basic to follow two principles: quantitative and qualitative requirements.” He also added, “If the quantitative requirements are the number of public offering stocks, it is difficult to say that the qualitative requirements are applied uniformly because the fund management scale and the history of existing public offerings are taken into account.”

The market is looking forward to seeing the results of SK Bioscience’s allocation. This is because there is a high possibility that it will be the first trillion units of fish to be listed since the beginning of the year. SK Bioscience enters the stock market with a market capitalization of KRW 4,972.5 billion on the day of listing. Excluding the mandatory commitments of major shareholders and institutions, 8.87 million shares, 11.5% of the total volume, are available for circulation. This is much lower than the available distribution volume of SK Biopharm and Kakao Games. The background is fueled by the prospect that demand is likely to be higher than on the day of listing.

A representative of an investment advisory firm said, “If the uncertainty of the market situation is not large because the rate of commitment is higher than expected, it seems possible to do so.” did.

Some people have also raised criticism. It is said that haphazard expectations are not to be avoided as it is by no means a universal phenomenon. An official from one of the listed organizing divisions said, “forecasting whether there is a possibility of a difference is the same as estimating the stock price trend of a specific stock.” It’s not reasonable,” he advised.

Meanwhile, it has been confirmed that 280,000 customers have not received one week from the subscription to SK Bioscience. Samsung Securities (5%) and Hana Financial Investment (5%), which had a small allocation volume, received 224,000 and 57,000 customers, respectively.

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