Some venture capital (VC) firms that invested in the insure-tech platform corporation Aiji net have reportedly sold all their shares excluding the mandatory holding quantity since the first day of Aiji net's listing. The share price of Aiji net fell below the public offering price from the beginning, prompting these firms to sell, and the stock price is interpreted as having further decreased.
According to the Financial Supervisory Service on the 11th, three funds formed by SBI Investment Korea disposed of all their unhindered shares of Aiji net on the 4th.
The 2019 SBI job creation fund sold 314,788 shares of Aiji net at an average price of 5,263 won per share. The 2020 SBI scale-up fund and SBI small-component star fund No. 1 also sold 72,588 shares of Aiji net at an average price of 5,326 won and 5,357 won per share, respectively.
Another VC, The Ventures, also sold 630,524 shares of Aiji net on the first day of listing, excluding the mandatory holding quantity. The average selling price per share was recorded at 4,667 won.
The insure-tech platform corporation Aiji net determined its public offering price at 7,000 won, the upper end of the desired public offering range (6,000-7,000 won), as demand forecasting aimed at institutional investors was a success. It subsequently entered the KOSDAQ market but had an opening price of only 6,110 won on the first day of listing.
After the VCs immediately disposed of their held shares of Aiji net, the stock price fell to 4,925 won within a minute. Aiji net also hit the bottom of the price limit on the first day of listing (-40% compared to the public offering price). The stock price of Aiji net rose for three consecutive trading days from the 6th to the 10th but, as of 2 p.m. that day, was at 4,450 won, which is 36.4% (2,550 won) lower than the public offering price.
Among the 56.37% equity held by VCs, professional investors, and other shareholders with more than 1% ownership in Aiji net, 37.58% will have their sales restrictions lifted consecutively after three months and six months post-listing.