Doosan Robotics Sets Public Offering Price at Upper Limit, Prepares for KOSPI Market Listing
Doosan Robotics has announced that it has confirmed its public offering price at the upper limit of 26,000 won, signaling its readiness to enter the KOSPI market as planned on the 5th of next month.
The decision on the offering price was made after a thorough demand forecasting process involving both domestic and foreign institutional investors. Over a five-day period from the 11th to the 15th, 1,920 institutions participated in the forecast, resulting in a total of 2,423,795,018 shares being applied for. This led to a competitive ratio of 272 to 1 and an expected public offering amount of approximately KRW 421.2 billion.
Following the listing, Doosan Robotics’ market capitalization is projected to reach around KRW 1.6853 trillion. This IPO is considered the largest deal of the year, with a demand forecast for a participation amount of approximately 63 trillion won.
Mirae Asset Securities and Korea Investment & Securities, the entities overseeing the listing, have revealed that foreign sovereign wealth funds and long-dated funds were particularly active in securing deals for the public offering. Despite the high offering price, which is at the upper end of the band, the decision was made to attract investors with long-term investment goals and provide opportunities for general subscribers to participate.
Addressing concerns about the lower competition rate for institutional investor demand forecasts, officials explained that recent regulations have made it impossible to engage in “imaginary” subscriptions that exceed an investor’s ability to pay. However, they emphasized that Doosan Robotics still achieved the highest level of institutional participation among newly listed companies this year and experienced success in terms of the actual competition rate.
Looking ahead, Doosan Robotics plans to utilize the funds raised through the IPO for strategic business acquisitions and investments. These endeavors aim to bolster the company’s existing product portfolio and facilitate expansion in overseas markets.
Sources:
– Doosan Robotics (photo provided)
– Mirae Asset Securities
– Korea Investment & Securities
E Series 4. (Photo = Provided by Doosan Robotics)
Doosan Robotics has confirmed its public offering price at the upper limit of 26,000 won and will accelerate its listing on the KOSPI market on the 5th of next month.
Doosan Robotics announced on the 19th that as a result of demand forecasting conducted for domestic and foreign institutional investors over a five-day period from the 11th to the 15th, it had settled on the desired public offering band price of 26,000 won , which is the highest. end of range (21,000 to 26,000 won). .
It is reported that 1,920 domestic and foreign institutions participated in this demand forecast and applied for a total of 2,423,795,018 shares. The simple competition ratio is 272 to 1, the public offering amount is expected to be approximately KRW 421.2 billion, and the market capitalization after listing is expected to be approximately KRW 1.6853 trillion. Converting the public offering amount and the number of stocks participating in demand forecasting to the public offering price, this is the largest deal so far this year with a demand forecast for a participation amount of about 63 trillion won.
Officials from Mirae Asset Securities and Korea Investment & Securities, which oversaw the listing, said, “Foreign sovereign wealth funds and long-dated funds took on an unusually large number of deals with a public offering of KRW 500 billion or less, and most submitted of large domestic investment institutions mandatory payment commitments and fully participated. Despite offering a price of 26,000 won or more, which is the upper end of the band for 100% of the volume (including unsubmitted prices), Doosan decided Robotics set the public offering price at the highest end in order to ensure investors with long-term investment trends and expand participation opportunities for general subscribers. “I did it,” he said. For information, the share of mandatory retention commitments among the total number of participants in this demand forecast is 51.6% (based on number).
In addition, regarding some evaluations that the competition rate for institutional investor demand forecasts is lower than market expectations, they said, “According to the revised regulations from July this year, so-called ‘imaginary’ subscriptions are more than the ability to pay in demand. forecasting has become impossible, so it is lower than in the past. It may seem like this, but the number of organizations participating in this demand forecast is approx. 1,660 domestically and 260 abroad. Doosan Robotics shows the highest level of institutional participation among newly listed companies that held a public offering this year, and was a success in the actual competition rate.” He explained
Doosan Robotics intends to use the public offering funds secured through this initial public offering (IPO) for strategic business acquisitions and investments to complement its existing product portfolio and expand its overseas business.
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