[사진 = 연합뉴스]A week has come when investors in large IPO stocks such as Kakao Bank, Krafton, and SK IE Technology should be nervous. This is because the amount of institutional investors tied up with 3-month and 6-month protection deposits will be released. The stocks held by institutional investors that will be released from the three stocks this week exceed 11 trillion won, including 8 trillion won in SK IE Technology.
According to the stock market, on the 5th, the mandatory holding limit on 2,3 million shares of Kakao Bank owned by institutional investors was lifted.
Based on the closing price on the 4th, it is worth 1.22 trillion won. These stocks were compulsory holding for three months when Kakao Bank went public in August. Among the 2.30 million shares, 5.06 million shares received by institutional investors, 7.61 million shares of Netmarble, and 7.61 million shares of Skyblue Luxury Investment, a venture investment firm of China’s Tencent.
At the time of listing on Kakao Bank, a total of 36 million shares were allocated to institutional investors. Of these, 59.82% were subject to mandatory holding restrictions. On the 15th (79,000 shares) and one month (3.14 million shares), the mandatory retention period has already ended, and the protection deposit for 5.06 million shares will be lifted this time. The six-month mandatory reserve to be released in February next year is 13.26 million shares. On September 6, when the one-month lock-up was lifted, Kakao Bank also showed a decline of 4%.
The IPO price of Kakao Bank is 39,000 won, and the current share price of 57,000 won is 46.2% higher than the IPO price. From the perspective of institutional investors, the desire for profit realization may be great.
There is also concern whether Netmarble and Tencent will put their stake in the market.
Netmarble has already sold 7.62 million shares of Kakao Bank, which had no protection deposits, twice, and acquired 560 billion won in cash. Securities analysts are predicting that there is a high possibility of selling 7.61 million shares of which the protection deposit will be released this time. Skyblue Luxury Investment’s intentions are still unclear.
Koh Kyung-beom, a researcher at Yuanta Securities, said, “Kakao Bank will have a high selling shock due to its low actual circulation. .
Krafton, which was listed four days apart from Kakao Bank, will also be lifted from the three-month mandatory holding limit on the 10th. 4,05 million shares, worth 1.9 trillion won at the closing price of the previous day. The stock price of Krafton also plummeted by nearly 6% on September 10, when the one-month lock-up was lifted.
At the time of listing, Krafton was lower than other large-scale IPO stocks with a 45% ratio of mandatory holdings by institutional investors. The amount of three-month deposits to be released this time is 23.8% of the allocation to institutional investors, which is the largest compared to one month (16.9%), six months (3.7%), and 15 days (0.5%). Also, the key issue is when the volume of 2.19 million shares held by venture capitalists, which prioritizes return on investment, will be released.
The stock price of Krafton is 450,000 won, below the IPO price of 498,000 won. With Krafton’s share price falling short of expectations, institutional investors seem to be in a dilemma of whether to cash in on their stakes or hold stocks and watch the share price move.
SK IE Technology, which went public on May 11, met its biggest turning point in half a year. On the 11th, 52.93 million shares, worth 8.45 trillion won, will be released. Of these, 43.63 million shares are owned by SK Innovation, the largest shareholder. In terms of management rights and stock price stabilization, it is unlikely that they will come up for sale right away. However, as the mandatory holding limit of 6.27 million shares held by the second-largest shareholder, Premier Superior, who is a financial investor (FI), is lifted, it is expected to raise concerns about a large volume of outflows. In addition, the amount that institutional investors have received from the compulsory holding of public offering shares is also the largest at 24.9% of the total for the past six months. At 15 days, 0.3%, 1 month 22.2%, and 3 months 17.2%.
Cho Hyun-ryeol, a researcher at Samsung Securities, said, “Considering that the 11th is the time when the lockup volume is lifted six months after the IPO, the supply and demand burden will remain in the short term.” judge,” he said.
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