d'Alba Global, a K-beauty corporation challenging for a KOSPI listing, has set its public offering price at the upper end of the desired public offering price range. This decision was made as nearly 2,230 institutions participated in the demand forecast for institutional investors, leading to a successful response.
According to the financial investment industry on the 8th, d'Alba Global conducted a demand forecast for institutional investors from the 28th of last month until the previous day for five trading days and set the public offering price at 66,300 won, the upper limit of the offering price band (54,500-66,300 won).
This contrasts with DN Solutions and LOTTE Global Logistics, which had previously challenged for a KOSPI listing and submitted withdrawal requests after receiving poor results in their demand forecasts for institutional investors.
In the recent demand forecast, it was estimated that 2,225 institutions participated, with 2,027 institutions submitting bids at the upper limit of the public offering price band. Additionally, there were 410,372,800 shares applied for the maximum recruitment of 490,500 shares, resulting in a competitiveness ratio of 1,140.88 to 1.
Analysts suggest that the success of d'Alba Global is attributed to the relatively small size of the public offering and the appealing valuation.
The maximum public offering size of d'Alba Global is 43.4 billion won. Compared to DN Solutions and LOTTE Global Logistics, which aimed for public offerings of approximately 1.06 trillion won and 200 billion won respectively at the upper offering price, the burden is relatively lighter.
Furthermore, as d'Alba Global estimated its appropriate corporate value, a price-earnings ratio (PER) of 20.99 was applied, and a market-friendly public offering price was presented. It was also noted that 385 institutions were confirmed as having commitments exceeding three months.
The expected market capitalization of d'Alba Global after listing is estimated to be 80 billion won. The subscription is scheduled to take place from the 9th to the 12th, with the listing planned for the 22nd. Mirae Asset Securities is the lead underwriter for the listing.