The medical device company Graphy, which is pushing for a listing on the KOSDAQ market, has set the offering price at 15,000 won.
Graphy noted on the 8th that it conducted demand forecasting for institutional investors from the 31st of last month to the 6th of this month and determined the offering price to be 15,000 won, which is below the lower end of the desired offering price range (band).
The offering price band proposed by the company's listing underwriters, KB Securities and Shinhan Investment Corp., was set at 17,000 won for the lower limit and 20,000 won for the upper limit.
Only 667 domestic and foreign institutions participated in the demand forecasting, with more than half of the participating institutions suggesting a price below 15,000 won per share. No institutions presented a commitment to hold.
Established in 2017, it is a manufacturer specializing in transparent orthodontic devices based on three-dimensional (3D) printing technology. Last year, it recorded sales of 16.1 billion won and an operating loss of 9.2 billion won.
The company said, "We could have set a higher offering price, but we decided to finalize the offering price at 15,000 won, which is below the offering price band, to build long-term investor confidence."
Graphy will conduct a general subscription for 487,500 shares, which accounts for 25% of the total offered shares, on the 11th and 12th. The company plans to be listed on the KOSDAQ market on the 25th after completing the subscription procedures.