Iljin Hysolus was decided at ₩34,300, which is the upper end of the indicative price band. As a result, Iljin Hysolus raises ₩373.6B through this IPO, with a market cap of ₩1.25T.
Aggressive IPO pricing could be expected from a fairly favorable institutional response in the bookbuilding. As the competition rate for institutional subscriptions recorded 1,471 to 1, it was again close to a historical record.
Iljin Hysolus also raised more than ₩36T in margin in retail subscriptions. This is by far the highest level among IPOs of this size (around ₩1T).
|Subscription by institution type||Institution||%||Demand||%|
|1. Local publicly raised funds||256||15.89%||1,442,953,000||16.37%|
|2. Local brokerages/investment advisories||19||1.18%||111,838,000||1.27%|
|3. Local pensions, funds managing proprietary assets, banks, and insurance companies||225||13.97%||1,198,819,000||13.60%|
|4. Local others (discretionary investment companies, mostly local hedge funds)||764||47.42%||4,215,805,000||47.83%|
|5. Foreign (foreign IPO funds & hedge funds)||125||7.76%||674,141,000||7.65%|
|6. Foreign others (mostly local hot money)||222||13.78%||1,170,285,000||13.28%|
|Institutional subscription rate||1,471.01|
And virtually all institutions, regardless of institution type, put prices in the upper end of the indicative price band.
|Pricing by institution type||Above the upper end + Unspecified||% of total demands||Holding tendencies|
|1. Local publicly raised funds||94.53%||15.83%||Long-term|
|2. Local brokerages/investment advisories||89.47%||1.16%||Short-term|
|3. Local pensions, funds managing proprietary assets, banks, and insurance companies||92.00%||12.84%||Long-term|
|4. Local others (discretionary investment companies, mostly local hedge funds)||95.68%||46.15%||Short-term|
|5. Foreign (foreign IPO funds & hedge funds)||98.40%||7.65%||Long or short-term, depends|
|6. Foreign others (mostly local hot money)||91.44%||11.99%||Short-term|
In the ESOP subscription, more forfeited shares occurred than expected. As a result, institutional allocation rose to 66.9%, and retail took 30%. Compared to post-IPO SO, institutional investors will hold 20.07%, retail will retain 9%, and ESOP will sit on 0.93%.
The allocation ratio among institutional investors is also quite ideal. The proportion of locally publicly raised funds and pension funds with long-term holding tendencies (nearly half of the institutional offering) is also not bad, given its size. In addition, it is a good start for a company of this size by securing foreign ownership of more than 7%, which can be said to be an indicator of increasing external credibility in the initial stage of listing.
|Allocation by investor type||Initial allocation||% of the institutional offering||% of the total offering||% of post-IPO SO|
|1. Local publicly raised funds||–||36.20%||24.22%||7.26%|
|2. Local Br/IA||–||1.66%||1.11%||0.33%|
|3. Local pension, etc.||–||11.20%||7.49%||2.25%|
|4. Local others||–||15.94%||10.67%||3.20%|
|6. Foreign, other||–||0.35%||0.23%||0.07%|