사진 확대
After Sky Labs, a freshman stock, succeeded in “Table” (double the public offering price) on the day of its listing for the first time in a long time, it also hit the upper limit on the next trading day. The industry is paying attention to whether it will signal a reversal in the frozen initial public offering (IPO) market as public offering stocks that have pitched on the stock market with expectations have plunged on the first day of listing.
According to the Korea Exchange on the 7th, Sky Labs, a ring-type medical device company listed on the 4th, reached the upper limit of the day and succeeded in closing the rise for two consecutive trading days. Sky Labs’ stock price propaganda is completely different from the atmosphere at the time of the offering. Earlier, Sky Labs set a new low this year, with a competition ratio of only 2.9 to 1 in a general subscription held from the 26th to the 27th of last month.
The subscription deposit was only 7.1 billion won. Demand forecasts for institutional investors were also disastrous. 246 institutions participated and recorded a competition ratio of 63.41 to 1, with only 0.17% of the mandatory holding commitments.
It was largely affected by a series of sluggish stock prices in the previous freshman stocks. Hatchtech, which was listed at the end of last month, closed down 39.43% on the day of listing, and the Niers Lab and Prayer industries also plunged more than 30% compared to the public offering price.
The IPO headquarters of securities firms was also hit with a cold spell. If the proportion of mandatory holding commitments falls below 40% due to the recent improvement of the system, the organizer must directly acquire 1% of the public offering and hold it for six months. Korea Investment & Securities, the organizer of Sky Labs’ listing, will take on an additional 200 million won in addition to 3% (60,000 shares, about 600 million won) of the initial public offering, which is the mandatory acquisition amount of the listed organizer. This is equivalent to 832 million won (4.0% of the sum of the public offering amount and the host’s mandatory acquisition amount) that Korea Investment & Securities received as a Sky Labs acquisition fee.
Another source of revenue for the IPO headquarters is interest on subscription deposits. When the market was successful, it is known that trillions of deposits were deposited in Korea Securities Finance for several days to earn interest of 2% to 3% per year. However, the margin itself has shrunk significantly, and the financial authorities have recently pushed for a plan to return the interest on the deposit to customers if they fail to win the subscription, putting the profitability in a position to deteriorate.
An official from the investment bank (IB) industry said, “As the IPO headquarters failed to make money, there was a vicious cycle in which manpower continued to leak and the quality of corporate due diligence fell,” adding, “A rebound in the market is urgently needed.”
[Reporter Woo Soo Min]