In the first half of this year, SK Biosciences, which was considered the biggest IPO in the first half of this year, made a new history by rushing to a total of more than 63 trillion won, the largest ever, in the subscription to general public offering stocks. However, with the number of subscriptions approaching the record-high 2.4 million, the number of subscribers who had not been allocated one week appeared one after another. The size is estimated to reach 320,000 people based on account. On the other hand, SK Bioscience executives and employees received an average of 7,600 shares of employee stocks per person, and all at once sat on a’money cushion’.
◇Up to 63 trillion won in subscription margin… An average of 1.2 weeks of equal distribution “Maximum 3 weeks, minimum 0 weeks, most 1 week”
According to NH Investment & Securities, SK Bioscience’s representative organizer on the 10th, the subscription margin through six securities companies that receive public offerings was 63,619.7 billion won, breaking the record of Kakao Games (58,554.3 billion won), the record high. The number of subscriptions also reached a record high of 239,8167.
Investors who apply for the minimum subscription share (10 shares) are allocated an average of 1.2 shares based on the 290,500 equally allocated amount of 285,100 shares, which is 50% of the 583,7100 shares of the general public offering stocks including real rights stocks (91,600 shares) of employee stock ownership. .
However, among investors who have subscribed to securities companies with small allocations, there are likely to be cases of receiving less than one share.
The number of subscriptions through NH Investment & Securities, which received the largest amount (1,076,833 equally allocated out of 2.159727 general subscriptions), is 64,6826, with an average of 1.8 shares per person. This means that all subscribers can receive one week by default and up to two weeks through a lottery.
In the case of SK Securities (equal allocation of 23,3484 out of 46,6968 shares of general subscription), the number of subscriptions was 11,6114, and the amount of equal allocation exceeded two weeks per person. This means that there will be subscribers who can receive up to three weeks.
On the other hand, the number of subscriptions for Samsung Securities and Hana Financial Investment (14,5927 equally allocated out of 29,1855 general subscriptions, respectively) exceeded the equally distributed amount, recording 39,5290 and 20,9594, respectively. Investors who can receive one share through the lottery and those who receive less than one share are divided. About 320,000 people will receive less than a week.
The number of subscriptions through Korea Investment & Securities (6,71,266 equally allocated out of 134,2533 shares of general subscription) is 553,432, and the number of subscriptions through Mirae Asset Daewoo (64,2081 equally allocated out of the general subscription 128,4162 shares) is Subscribers will receive one or two weeks as they are counted as 47,9911 shares, respectively.
The reason why the number of subscriptions has soared is that 50% of the public offering volume was removed from the public offering, and it is the background of the introduction of an equal allocation method in which all subscribers who paid more than the minimum margin (10 weeks, 325,000 won in case of SK Bioscience) were introduced from this year. Another major factor is that multiple subscriptions, which allow one person to subscribe to multiple securities companies, were allowed as before. As a result, the name of a family member, such as spouses and children, as well as even relatives were mobilized to create subscription accounts. The proportional method of allocating the remaining 50% of the amount according to the size of the margin is applied after subtracting the equally allocated amount.
It is expected that SK Bioscience will be the last IPO that allows multiple subscriptions. Initially, the financial authorities tried to prohibit multiple subscriptions by introducing an equal allocation method in which small-sized investors benefit from public offering stocks. However, due to the delay in the preparation of the enforcement decree of the Capital Market Act, it could not be applied to SK Bioscience, but an enforcement decree, which is the basis for prohibiting duplicate subscriptions, will be announced later this month.
◇Maximum 2 times difference in competition rate by securities company What if I paid 100 million margins? “Minimum 7 weeks, maximum 14 weeks”
In the case of asset prices with funding power, the amount allocated will vary depending on the amount of margin paid. The average competition rate for SK Bioscience is 335.36:1. Samsung Securities was the highest at 443.23 to 1, and SK Securities was the lowest at 225.18 to 1. Assuming that a margin of KRW 100 million has been paid, 6.9 shares can be received through Samsung Securities, whereas 13.6 shares can be received through SK Securities.
SK Bioscience’s executives and employees who received stock ownership are expected to receive hundreds of millions of valuation gains. However, these stocks are tied to protection deposits that cannot be sold for one year after listing.
The amount of employee stock ownership allocated is 4.59 million, 20% of the total public stock (22.95 million shares). Excluding real rights stocks (99,600 shares), the number of shares allocated was 4.49 million, and the average number of shares allocated per person was 7597 shares based on 591 employees at the end of last year.
If the first day of SK Bioscience’s listing (the 18th) records the stock price (the upper limit after the initial price is doubled from the offering price) and goes directly to 169,000 won, an average valuation gain of 790 million won per person will be incurred. If the over-the-counter market transaction price rises to 200,000 won per share, an valuation gain of 1,025.6 million won per employee is expected.
The listing date of SK Biosciences on KOSPI is the 18th.
It was written with the content provided through News1.