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

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SK IET BB: Pricing Discounts, Major Shareholder Selling, & K200 Entry

Banning Multiple Applications for Subscriptions in IPO: Impacts on Early-Phase Profit-Taking Window

SK IET: Trading Strategy Post IPO Pricing

Clepsydra Capital

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

Equity Capital Markets

SK IE Technology   / Equity Capital Markets

<p>SK IET's institutional lockup results are out. The final percentage of the locked shares allocated to the institutional investors is <strong>66.68%</strong> of the institutional allocation. </p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Institutional investors pledging lockups"}'>Institutional investors pledging lockups</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3020988}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,020,988</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.25678847379829145}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">25.68%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2087672}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>2,087,672</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.17745522546644563}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">17.75%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2700264}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>2,700,264</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.22952645671299243}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">22.95%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":36172}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>36,172</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0030746738067916183}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">0.31%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Total"}'><strong>- Total</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7845096}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=sum(R[-4]C[0]:R[-1]C[0])"><strong>7,845,096</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6668448297845211}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2"><strong>66.68%</strong></td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: SED"}'>Source: SED</td></tr>
</tbody>
</table><p>So, the immediate float shares come down to 10.72M shares, including the ones owned by the major shareholder, representing <strong>15.04%</strong> of the post-IPO total shares.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" style="text-align: left;" data-sheets-value='{"1":2,"2":"Immediate float shares"}'><div><div>Immediate float shares</div></div></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2823956}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-15]C[0]">2,823,956</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":52928580}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-18]C[0]+R[-17]C[0]+R[-9]C[0]">52,928,580</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2087672}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-9]C[0]">2,087,672</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2700264}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-9]C[0]">2,700,264</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":36172}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-9]C[0]">36,172</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate float shares"}'><strong>Immediate float shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10720948}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-23]C[0]-sum(R[-5]C[0]:R[-1]C[0])"><strong>10,720,948</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of post-IPO total shares"}'><strong>- % of post-IPO total shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15036900544972123}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-24]C[0]"><strong>15.04%</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: SED"}'>Source: SED</td></tr>
</tbody>
</table><p>The ESOP spit out substantial forfeited shares, representing 2.04% of the post-IPO total shares. These forfeited shares went to the local retail subscribers, bringing up the final allocation to <strong>9.54%</strong>, while the institutional allocation remains at <strong>16.50%</strong>.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Shareholder"}'>Shareholder</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lockup period"}'>Lockup period</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Post-IPO shares outstanding"}'>Post-IPO total shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":71297592}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=Terms!R[8]C[0]">71,297,592</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Innovation"}'>SK Innovation</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":43633432}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>43,633,432</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6119902618871055}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2">61.20%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Premier Superior Ltd."}'>Premier Superior Ltd.</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6274160}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>6,274,160</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.08799960593339534}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2">8.80%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"ESOP"}'>ESOP</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2823956}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>2,823,956</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03960801368999951}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2">3.96%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"IPO"}'>IPO</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":18566044}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-4]C[0]-R[-3]C[0]-R[-2]C[0]-R[-1]C[0]">18,566,044</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2604021184894996}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2">26.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"?"}'>-</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Institutional"}'><strong>- Institutional</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11764500.000000002}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>11,764,500</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.16500557269872454}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2"><strong>16.50%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"?"}'><strong>-</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Retail"}'><strong>- Retail</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6801543.999999998}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-2]C[0]-R[-1]C[0]"><strong>6,801,544</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09539654579077507}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R10C2"><strong>9.54%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

SK IET's institutional lockup results are out. The final percentage of the locked shares allocated to the institutional investors is 66.68% of the institutional allocation. 






Institutional investors pledging lockups

6 months
3,020,988
25.68%


3 months
2,087,672
17.75%


1 month
2,700,264
22.95%


15 days
36,172
0.31%


- Total
7,845,096
66.68%

Source: SED

So, the immediate float shares come down to 10.72M shares, including the ones owned by the major shareholder, representing 15.04% of the post-IPO total shares.





Immediate float shares

1 year
2,823,956


6 months
52,928,580


3 months
2,087,672


1 month
2,700,264


15 days
36,172


Immediate float shares
10,720,948


- % of post-IPO total shares
15.04%

Source: SED

The ESOP spit out substantial forfeited shares, representing 2.04% of the post-IPO total shares. These forfeited shares went to the local retail subscribers, bringing up the final allocation to 9.54%, while the institutional allocation remains at 16.50%.








Shareholder
Shares
Shareholding %
Lockup period


Post-IPO total shares
71,297,592
100.00%
-


SK Innovation
43,633,432
61.20%
6 months


Premier Superior Ltd.
6,274,160
8.80%
6 months


ESOP
2,823,956
3.96%
1 year


IPO
18,566,044
26.04%
-


- Institutional
11,764,500
16.50%
-


- Retail
6,801,544
9.54%
-

Source: DART



SK IE Technology: Immediate Float 15.04% & KOSPI 200 Index Float 21.80%