LG CNS announced that it recorded approximately 21 trillion won in subscription deposits for a public offering conducted for general investors on the 21st and 22nd.
LG CNS received a total of 683,171,110 subscriptions for 5,557,414 shares allocated for general subscription, with a competition rate of 122.9 to 1. The total subscription deposit was tallied at 21.1441 trillion won.
Earlier, from the 9th to the 15th, the demand forecast for domestic and foreign institutional investors saw participation from 2,059 institutions, recording a competition rate of 114 to 1. The public offering price was confirmed at the upper end of the desired price range, which is 61,900 won, and LG CNS's estimated market capitalization upon listing is expected to reach approximately 5.9972 trillion won.
LG CNS plans to focus the funds secured through this listing on research and development in artificial intelligence (AI) and cloud technology, as well as investments to enhance global competitiveness. Sales, which were 3.2833 trillion won in 2019, increased by 70.7% to 5.6053 trillion won in 2023, continuing a steady growth trend.
LG CNS is expected to be listed on the securities market on the 5th of next month after payment on the 24th. The lead underwriters for the listing are KB Securities, Bank of America (BoA), and Morgan Stanley, while the co-underwriters include Mirae Asset Securities, DAISHIN SECURITIES, Shinhan Investment Corp., and JPMorgan.