Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

DN Solutions IPO: OC’s Out, but the Hit-And-Run Setup Post-Listing Is Still in Play

DN Solutions IPO Might Skip OC—A Unique Trading Opportunity

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

<ul>
<li>Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.</li>
<li>The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.</li>
<li>They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.</li>
</ul>


Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.


DN Solutions IPO Officially Withdrawn: Background and Key Takeaways