Is SK Bioscience still an upper limit today?… Only one trillion was accumulated on the first day.

On the 18th, SK Bioscience made a brilliant debut on the stock market with a success in ‘Tasang (the initial price is twice as high as the public offering price, then the upper limit price)’. It is noteworthy whether the high-end price march will continue like SK Biopharm, which opened the public offering stock storm last year.

On the 18th, SK Biosciences closed at 169,000 won after the initial price (130,000 won) was doubled the public offering price (65,000 won), and then increased to the price limit (30%). It rose 160% from the public offering price and rose to 28th in the domestic stock market based on market capitalization (12,9285 billion won). The stock price flow on this day was the same as on the first day of SK Biopharmaceuticals, which recorded a’tasangsang’ last year, and Kakao Games, which recorded a’tasangsangsang’.

From the time of the simultaneous offer price (8:40 to 9:00 am) before the start of the regular market, the initial price (130,000 won) was doubled the public offering price (65,000 won), and 30 million shares accumulated. The upward volatility mitigation device (VI) was activated within a few seconds after the market started, and the upper limit (169,000 won) was reached after two minutes. After the purchase balance accumulated at the upper limit of 6 million shares (1 trillion won), it did not decrease to less than 6 million until the market closes. It has taken steps as it is, including the number of millions of stocks left before the market starts, VI and the upper limit is reached within 5 minutes, and the balance is maintained until the market closes.

SK Bioscience’s success on this day is interpreted as the fact that the distribution volume was small and the stock market situation was favorable. At the time of listing, SK Biosciences can circulate 26% of the total number of issued shares (76.5 million shares) (19.56 million shares). It is similar to SK Biopharm (20%), Kakao Games (32%), and Big Hit (30%). However, the ratio of institutional investors to commit mandatory holdings reached 85%, higher than SK Biopharm (52%), Kakao Games (73%), and Big Hit (78%). In other words, in a situation where a large number of institutional investors are locked, the individual investors (5.730,000 shares) with the largest amount at the time of listing succeeded in not giving out the volume.

The impact of the US stock market closing higher the night before ended higher amid favorable comments from the U.S. Federal Reserve Board Chairman Jerome Powell on the stock market also seems to have played a role. SK Biopharm and Kakao Games, which had succeeded in last year’s listing, increased 1.36% and 1.71%, respectively, and the KOSPI on the listing date of Big Hit fell 0.81%. Accountant Park Dong-heum, a veteran public offering investor, said, “It seems that the distribution volume effect was the greatest,” and said, “Through the past experience, there seems to be a learning effect that individual investors do not sell when they reach the upper limit.”

As SK Bioscience succeeds in the first prize, interest is focused on whether it will continue the upper limit on the 19th. Financial investment industry officials estimated that the purchase balance at the initial price or the ceiling price, and the supply and demand trend of foreigners and institutional investors will determine whether or not the upper limit will be determined when looking at the past cases of public offering stocks that have been successful. On this day, foreigners and institutional investors net sold SK Bioscience, and the transaction volume was only 4% of the circulating volume. SK Biopharmaceuticals, which had succeeded in the award, was net bought by institutional investors mainly for pension funds for 13 trading days from the date of listing. The trading volume of SK Biopharmaceutical and Kakao Games on the day of listing was 2-5% of the number of shares in circulation, and the trading volume on the second day was 5% and 22%. On the other hand, Big Hit, which had failed in the event, started net selling by foreigners and institutional investors for 4 consecutive trading days from the date of listing, and the trading volume on the listing date reached 65% of the number of shares in circulation. On the third trading day of SK Biopharm’s listing, the upper limit was recorded even though the transaction volume reached 46% of the distribution volume.

An official from the financial investment industry who requested anonymity said, “The share price flow of public offering stocks is like a psychological game because the atmosphere on the day has a lot of influence regardless of the corporate value.” It’s better to sell it when it’s time to sell, and if it’s an atmosphere that falls weakly after the amount of distribution available, it’s better to sell it right away,” he advised. Another official said, “Because of the nature of the public offering stocks, the fluctuations in the stock price are large, so if it is difficult to respond to the market situation, it may be comfortable to place a partial sell order at an appropriate price.” We shouldn’t forget that the profits are huge,” he said.

A number of pharmaceutical analysts evaluated that SK Bioscience has a great position as a consignment production (CMO) company for Corona 19 vaccine and a consignment development production (CDMO) company. Kim Ji-ha, a researcher at Meritz Securities, said, “Considering the global average unit price and profit structure, the CMO and CDMO business performance is expected to be 4969 billion won this year and 739.5 billion won next year.” There is also the possibility of winning contracts.” However, no brokerage company has presented a target price as of the day.

The high possibility of being incorporated into major domestic and international indices is also positive for the share price. Many brokerage firms predicted that the KOSPI 200, as well as the MSCI and FTSE indexes, could be prematurely incorporated.

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