More than 2 trillion won in deposits flocked to the public subscription of MDEVICE, a semiconductor storage specialist.
On the 25th, MDEVICE announced that as a result of conducting public subscriptions for its KOSDAQ market listing on the 24th and 25th targeting general investors, a total of 161,151 applications were received.
The amount of the subscription deposit, which requires half of the subscription amount to be paid in advance, was approximately 2.23 trillion won. The competition ratio was calculated at 1696.19 to 1.
MDEVICE, established in 2009, specializes in semiconductor storage including solid-state drives (SSD). It directly carries out all processes from the design to the assembly, inspection, and sales of SSDs.
The corporations' server SSDs are the main products, and the company has achieved rapid growth based on recent SSD supply for data centers. Last year's sales were estimated at 48.1 billion won.
MDEVICE noted that as the public offering market shows recent signs of recovery, the growth in performance has led to increased participation in subscriptions from general investors.
Amid efforts to promote the exceptional listing of unearned profit, the underwriter, Samsung Securities, has granted a repurchase right (put-back option), which is seen as a positive factor in enhancing investor confidence.
The repurchase right allows investors to sell their shares back to the underwriter at 90% of the offering price if the stock price falls below 90% of the offering price within three months after listing.
Meanwhile, MDEVICE, which also performed well in the demand forecast targeting institutional investors, set its offering price at the upper end of the hoped range (7,200 to 8,350 won) at 8,350 won.
Additionally, MDEVICE is scheduled to be listed on the KOSDAQ market on the 7th of next month after the payment on the 27th.