S2W, which is pushing for a listing on the KOSDAQ market, finalized its offering price at 13,200 won. Despite being the first to attempt a listing after the revision of the initial public offering (IPO) book-building system centered on expanding the proportion of lockup commitments, it succeeded with a book-building competition ratio of 1,145 to 1.
According to the Financial Supervisory Service's electronic disclosure system on the 9th, S2W conducted book-building for five trading days from the 2nd to that day targeting domestic and overseas institutional investors, and finalized the offering price at 13,200 won, the top end of the desired range (11,400–13,200 won).
For the 1,152,000 shares offered to institutional investors, 2,304 institutions applied for 1,319,499,000 shares. The competition ratio came to 1,145.4 to 1. In particular, 2,297 institutions, or 99.7% of all participating institutions, were found to have submitted prices at or above the top end of the desired range.
S2W's institutional investor book-building attracted interest from IPO market participants from the start on the 2nd. This is because it became the first listing company to attempt book-building since the implementation of the revised system that prioritizes allocation to institutions with lockup commitments.
In particular, S2W had withdrawn its offering due to an omission in the conversion to electronic securities while it had recorded strong demand in the institutional investor book-building in early last month. At the time, 2,463 institutions participated in the book-building, and the lockup commitment ratio was tallied at 10.1% based on quantity.
In this book-building, 22.9% was committed to lockups based on quantity. Specifically, the largest 138,200,000 shares were applied for a 15-day lockup, followed by 91,190,000 shares for a 1-month lockup. Given that the offering size is 1,152,000 shares, there appears to be no difficulty in allocating the committed volume.
Meanwhile, S2W is a corporations specializing in AI-based big data analysis and will accept subscriptions from retail investors for two trading days from the 10th to the 11th. After payment and other procedures, it will list on the KOSDAQ market within this month. The listing underwriter is DAISHIN SECURITIES.