‘IPO Daewoo’ SK Bioscience subscription for two days… Shall we go’Dad

On the first day, a profit of 100,000 won per week

SK Bioscience, which has recorded the highest competition rate since the launch of the securities market in a public offering for institutional investors, is entering a public offering for two days from today. As the demand forecast for institutional investors showed the highest competition rate in history, it is noteworthy whether a record-breaking margin will be introduced.

SK Bioscience’s offering of public offerings for individual investors from the 9th will be in progress for two days.

SK Bioscience said, “As a result of the institutional demand forecast conducted on the last 4-5 days, the public offering price has been confirmed to be 65,000 won, the upper end of the desired range.” Accordingly, the public offering amount was determined to be about 1.49 trillion won. If an offering price of 65,000 won is applied, the enterprise value reaches about 5 trillion won.

Stocks allocated to general subscribers range from 19,125 to 2295,000 shares, which is 25 to 30% of the total public offering.

From this year, according to the reorganized subscription system, half of the amount allocated to the public offering will be distributed equally to the subscribers regardless of the size of the margin, and the other half will be allocated according to the size of the margin as before. You can receive more than one week even if you subscribe only for the minimum subscription quantity of 10 weeks. For this reason, only 600,000 new accounts were opened in January-February this year, only at NH Investment & Securities, the leading company. If the remaining five securities companies are added, more than 1 million accounts are expected to participate in the subscription.

Earlier, in the demand forecast for institutional investors, 1,464 companies participated, recording a competition rate of 1275.47:1. The percentage of the number of applications from organizations that participated in the commitment of mandatory retention for a minimum of 15 days to a maximum of 6 months was calculated as 59.92%. SK Bioscience’s competition rate is the highest since the launch of the securities market (KOSPI). The previous record was Myeongshin Industries (1196:1), which was listed in December last year.

SK Biopharmaceuticals, which had a high competition rate for institutional demand forecasts last year, formed an initial price at twice the public offering price on the first day of listing, then went directly to the upper limit price, and then soared to the price limit for two more days. Kakao Games also recorded an upper limit on the next day after the award.

SK Biosciences is developing a Corona 19 vaccine and is a consignment manufacturer. A vaccine candidate developed by itself has entered clinical trials, and AstraZeneca and NovaVax vaccines are produced and distributed nationwide at the Andong plant in Gyeongbuk. Bill Gates is also developing a unique vaccine candidate (NBP2001·GBP510) with a $10 million grant from the Bill & Melinda Gates Foundation, created by the founders of Microsoft.

Some argue that the corporate value of SK Bioscience has been overvalued. Normally, when looking at corporate value in the stock market, the stock price-earnings ratio (PER) is viewed because SK Bioscience presented the enterprise value compared to the production capacity. SK Bioscience calculated the enterprise value by multiplying the annual production capacity (23,924 liters) by the enterprise value multiple (2.64 times) compared to the average production capacity of companies in the same industry.

Lee Hye-rin, a researcher at KTB Investment & Securities, said, “If you calculate SK Bioscience’s PER based on the estimate of next year’s net profit, it is about 29 times.” .

Subscription applications are available at six securities companies, including NH Investment & Securities, Korea Investment & Securities, Mirae Asset Daewoo, SK Securities, Samsung Securities, and Hana Financial Investment. SK Bioscience will be listed on the 18th.

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