When going directly to the upper limit, the stock price rises to 169,000 won.
Less number of shares available for distribution than existing large fish-class public offering stocks
SK Biopharm’s upper limit for 3 consecutive trading days
Reporter Kim Beom-jun [email protected]
SK Bioscience’s listing on the KOSPI, which set a historic record in the public offering stock subscription, is approaching one day ahead. On the first day of listing, SK Bioscience is interested in whether it will record the so-called’dasang’, which doubles the public offering price and soars to the upper limit.
According to the Korea Exchange on the 17th, SK Biosciences will start trading in the stock market on the 18th.
The initial price is set in the range of 90 to 200% of the public offering price by receiving quotes from 8:30 am to 9:00 am on the listing date.
The initial price of SK Bioscience, with an offering price of 65,000 won, is determined between 58,500 won and 130,000 won. If the initial price is set at 130,000 won and goes directly to the upper limit, SK Bioscience can rise to a maximum of 169,000 won on the 18th.
If this is successful, the market capitalization will increase sharply from 4,900 trillion won to 12.900 trillion won based on the public offering price.
The market expects that SK Bioscience is good enough to expect’tasang’ as it recorded a box office success in the demand forecast of institutional investors and general subscription. The demand forecast for institutional investors recorded a competition rate of 1275.47 to 1, and about 63.6 trillion won in margin came in for general investors. The subscription competition rate was 335:1.
It surpassed the levels of Kakao Games (58,554.3 billion won) and Big Hit Entertainment (58,423.7 billion won) that were successful in box office last year. After they entered the stock market last year, SK Biopharm recorded the upper limit for 3 consecutive trading days, and Kakao Games also continued the upper limit for 2 consecutive trading days.
In particular, SK Biopharm’s share price is expected to rise sharply as there are few shares available for distribution on the day of listing. According to the securities issuance performance report disclosed by SK Bioscience, 10,76,2,090 shares, which account for 85.26% of the institutional allocations, have signed a commitment to hold for a minimum of 15 days to a maximum of 6 months. Compared to other large fish-class public offering stocks, the ratio of mandatory holdings is higher than that of Big Hit (78.37%), Kakao Games (72.57%), and SK Biopharm (52.25%).
The stocks that are restricted in distribution immediately after listing are 67.6 million 2490 stocks, including 52.35 million shares held by SK Chemicals, the largest shareholder, and 4.44 million shares allocated to the employee stock ownership association, including the amount of institutional obligations to be held.
This amounts to 88.37% of SK Bioscience’s total issued stock of 76.5 million shares. In other words, the number of shares available for circulation on the listing date is 88,973,510 shares, which is about 11.63% of the issued shares.
The share of stocks available for distribution on the day of listing is also low compared to SK Biopharm (13.06%), Kakao Games (20.51%), and Big Hit (19.79%).
Eunbit Go, reporter Hankyung.com [email protected]