Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Index Rebalance

<ul>
<li>In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in June 2026.</li>
<li>We provide 8 potential deletion candidates including Seoul Semiconductor (046890 KS), Kolmar BNH (200130 KS), GOLFZON (215000 KS), and Devsisters (194480 KS).</li>
<li>Of the eight potential additions in KOSDAQ150 in June 2026, six of them are IPOs in 2025. </li>
</ul>


In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in June 2026.
We provide 8 potential deletion candidates including Seoul Semiconductor (046890 KS), Kolmar BNH (200130 KS), GOLFZON (215000 KS), and Devsisters (194480 KS).
Of the eight potential additions in KOSDAQ150 in June 2026, six of them are IPOs in 2025. 


An Early Look at Potential Additions and Deletions to KOSDAQ150 in June 2026

Equity Capital Markets

<ul>
<li>SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. </li>
<li>A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. </li>
<li>Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.</li>
</ul>


SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. 
A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. 
Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.


SemiFive IPO Bookbuilding Results Analysis

<ul>
<li>Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share.</li>
<li>This is 76% higher than the high end of the IPO price range (24,000 won per share). Given the excellent upside, we have a Positive View of this IPO.</li>
<li>SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. Founded in 2019, SemiFive is a SoC platform company specializing in AI inference and high-performance computing (HPC) chip design.</li>
</ul>


Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share.
This is 76% higher than the high end of the IPO price range (24,000 won per share). Given the excellent upside, we have a Positive View of this IPO.
SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. Founded in 2019, SemiFive is a SoC platform company specializing in AI inference and high-performance computing (HPC) chip design.


<ul>
<li>SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.</li>
<li>Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.</li>
<li>SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. </li>
</ul>


SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 


South Korea

SEMIFIVE is a leading design solution provider and pioneer of platform-based custom silicon solutions.

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SemiFive (SEMIFIVE123 KS)

An Early Look at Potential Additions and Deletions to KOSDAQ150 in June 2026

In this insight, we provide an early look at the potential additions and deletions to KOSDAQ 150 rebalance in June 2026. Of the eight potential...

Douglas Kim

SemiFive IPO Bookbuilding Results Analysis

SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. A 43.9% of the total IPO shares are under various...

Douglas Kim

SemiFive IPO Valuation Analysis

SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. Our target price is 76% higher than the high end of the IPO price...

Douglas Kim

SemiFive IPO Preview

SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. SemiFive is one of the global leaders in custom AI semiconductor (ASIC)...

Douglas Kim

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