Input 2021.03.09 18:16 | Revision 2021.03.09 18:18
Some brokerage companies’ MTS jams due to subscription rush
On the 9th, the first day of subscription for general individual investors, SK Bioscience, the first IPO of this year,’Daeeo’, was lumped into subscription margins of more than 14 trillion won.
SK Bioscience is a vaccine specialized company spun off from SK Chemicals in 2018, and is a company in charge of distribution and storage of corona vaccines in Korea. In the financial investment industry, there is also a prospect that the corporate value (market cap) will be close to 20 trillion won after IPO.
According to NH Investment & Securities, Korea Investment & Securities, Mirae Asset Daewoo, SK Securities, Samsung Securities, and Hana Financial Investment, the subscription margin of SK Biosciences collected 14.14 trillion won. As soon as the general subscription reception began at 10 am, funds were rushing, and the subscription margin amounted to over 4 trillion won in less than an hour.
On this day, the integrated competition rate was 75.87:1. The competition rate for individual subscriptions of Samsung Securities, which is relatively small at 5%, was the highest at 154.08:1. Next, the competition rate for NH Investment & Securities (37% allocation ratio), the representative organizer, recorded 82.38:1. In addition, Korea Investment & Securities (distribution ratio 23%) 78.16 to 1, Hana Financial Investment (distribution ratio 5%) 66.14 to 1, Mirae Asset Daewoo (distribution ratio 22%) 63.32 to 1, SK Securities (distribution ratio 8%) Had the lowest competition rate at 30.90:1.
On this day, SK Biosciences received subscriptions from 10 am to prevent computer access failure. However, due to the rush of subscription demand in the morning, access to the Korea Investment & Securities Mobile Trading System (MTS) application (app), including Samsung Securities, was slow at one time.
Previously, SK Bioscience decided the offering price at 65,000 won, which is the top of the proposed offering price (49,000~65,000 won). In the IPO demand forecast for institutional investors conducted on the last 4-5 days, the competition rate recorded 1275:1. Based on the demand forecast, the financial investment industry predicts that general subscriptions will also break the previous public offering record in terms of competition rate and margin scale. In general, the final competition rate is higher because individual investors watch the competition rate on the first day of subscription and play a’notice game’.
From this year, according to the reorganized subscription system, half of the amount allocated to public offerings will be distributed equally to subscribers regardless of the size of the margin. The other half is allocated according to the size of the margin. As before, the larger the subscription margin, the more stocks you will receive.
For this reason, many of the investors who participated in the subscription on that day have distributed at least 325,000 won or more evenly to the accounts of six securities companies, including NH Investment & Securities. 325,000 won is the amount that can be subscribed for 10 shares, the minimum number of subscription shares. This is because the subscription is completed if only 50% of the margin is put in first. In addition, investors who are unfamiliar with online subscriptions went to each brokerage branch to make subscriptions.
SK Bioscience’s total public offering stock is 22.95 million shares, and this general allocation amount is 5.375,000 shares, which is 25% of the total public offering volume. If there are remaining shares from the subscription to the employee stock ownership association, up to 5% (765,000 shares) of the stocks offered can be allocated to general subscribers. The equal distribution of SK Bioscience is about 2.2 million shares.
On the 10th, it is possible to subscribe to SK Bioscience’s general public offering stock from 10 am to 4 pm. The listing date is the 18th.