Seoul Guarantee Insurance, which is pushing for a KOSPI listing, has finalized its offering price at 26,000 won.
On the 4th, Seoul Guarantee Insurance announced that it conducted a demand forecast for domestic and overseas institutional investors from the 20th to the 26th of last month and set the final public offering price at the lower end of the desired range, which is 26,000 won.
The company previously proposed a public offering price range of 26,000 won to 31,800 won through its joint lead managers, Mirae Asset Securities and Samsung Securities.
A total of 1,509 domestic and foreign institutional investors participated in this demand forecast, with 1,230 of them, or 81.51%, subscribing at the lower band price. The competition rate was recorded at 240.8 to 1.
This is the second attempt by Seoul Guarantee Insurance to go public. Previously, in 2023, it proposed a public offering price range of 39,500 to 51,800 won, but withdrew its attempt due to poor demand forecasts.
At that time, the public offering market was depressed, and it failed to surpass the limit of 100% of existing share sales. It is reported that it was unable to fill the entire volume in the institutional investor demand forecast.
In this public offering by Seoul Guarantee Insurance, the 100% existing share sales of 6,982,160 shares, which is 10% of the total issuance of shares, was maintained, but the downward adjustment of the public offering price range and the expansion of dividends had a positive effect.
Based on the confirmed public offering price, the public offering amount for Seoul Guarantee Insurance is approximately 181.5 billion won. The market capitalization after listing is estimated to be 1.8 trillion won. The number of mandatory holding commitments was counted at 136 (based on the number of participating shares, 16.3%).
A representative from Seoul Guarantee Insurance noted, "It seems that the high interest shown by many institutional investors in the new shareholder return policy established while preparing for the listing led to the successful subscription."
Meanwhile, the company set a goal to guarantee a total shareholder return amount of 200 billion won annually from this year until 2027, which includes cash dividends and share buybacks.
Seoul Guarantee Insurance plans to conduct general investor subscriptions from the 5th to the 6th and is scheduled to be listed on the Korea Securities Market (KOSPI) on the 14th.