The medium-sized shipbuilder Daehan Shipbuilding, which is pushing for a KOSPI listing, has set the offering price at 50,000 won.
On the 21st, Daehan Shipbuilding announced that it conducted demand forecasting for domestic and foreign institutional investors over five trading days from the 11th to the 17th, setting the offering price at the upper end of the desired range.
The company previously suggested a desired offering price ranging from 42,000 won to 50,000 won in discussions with its lead underwriters, KB Securities and NH Investment & Securities.
A total of 2,106 institutions participated in the demand forecast, applying for a total of 1.516132 million shares, leading to the confirmation of the upper offering price. 2,104 institutions (99.9%) offered prices above 50,000 won.
The simple competition rate was 275.7 to 1, with 57% of the participating institutions proposing a commitment to hold for more than 15 days. There were 234 institutions that committed to a three-month holding period, the most among them.
The shipbuilding industry boom led to a successful demand forecast. Daehan Shipbuilding faced the risk of closing due to a long-term downturn in the shipbuilding industry but has recently transformed into a completely different company.
Thanks to the increase in new ship orders and rising ship new building prices that began in 2021, performance has steadily improved, recording over 1 trillion won in sales last year. The operating profit margin is also high at 14%.
Based on the confirmed offering price of 50,000 won, the total amount raised by Daehan Shipbuilding is expected to be about 500 billion won, and its market capitalization after listing is estimated to reach approximately 1.9263 trillion won.
Daehan Shipbuilding plans to allocate the funds raised from this initial public offering (IPO) to enhance eco-friendly ship technology, strengthen design capabilities, and invest in marketing to expand global orders.
Meanwhile, Daehan Shipbuilding is scheduled to undergo subscription from the 22nd to the 23rd of this month and aims to enter the KOSPI market on the 1st of next month.