From mid last month until before the golden holiday, the initial public offering (IPO) market had been quiet, but it is bustling again. With the end of the holiday as a turning point, corporations are busily accelerating their listing procedures.
According to the financial investment industry on the 12th, a total of four corporations plan to conduct book building for institutional investors this week (13–17).
First, artificial intelligence (AI) technology corporation Nota will conduct book building for five trading days from the 14th to the 20th. The indicative price range is 7,600–9,100 won, and the offering amount is 26.5 billion won at the top end. The underwriter is Mirae Asset Securities. Nota's 2024 sales on a consolidation basis were 8.4 billion won, and it posted an operating loss of 12 billion won.
Next, science equipment and components corporation Vitzro Nextech and environmental testing equipment company INNOTECH will conduct book building from the 16th to the 22nd. Vitzro Nextech engages in aerospace, nuclear fusion energy, accelerator, and plasma businesses. The indicative price range is 5,900–6,900 won, and the underwriters are NH Investment & Securities and Kyobo Securities. In 2024, on a standalone basis, it recorded sales of 30.4 billion won and an operating loss of 14.1 billion won.
INNOTECH develops and manufactures reliability environmental testing equipment and special testing equipment needed in the development and supply of electronic products. The indicative price range is 12,900–14,700 won, and the offering amount is 25.9 billion won at the top end. KB Securities is the lead underwriter. In 2024, on a consolidation basis, it posted sales of 61.2 billion won and operating profit of 5.7 billion won.
In addition, Green Optics, a precision optical systems specialized corporation, will conduct book building from the 17th to the 23rd. Optical components of various shapes produced by Green Optics are used in advanced industries such as defense, displays, semiconductors, and aerospace. The underwriter is Shinyoung Securities, and the indicative price range is 14,000–16,000 won. In 2024, on a consolidation basis, it recorded sales of 31.7 billion won and operating profit of 200 million won.
The market is watching whether the heat that fired up the IPO market in the third quarter (Jul.–Sep.) this year will continue into the fourth quarter (Oct.–Dec.). According to EUGENE INVESTMENT & SECURITIES, 93.8% of the 16 corporations that conducted institutional book building in the third quarter had their offer prices set at the top of their bands. Specifically, 15 out of the 16, except for Graphy, received the highest value within their desired price bands.
The share of corporations whose offer prices were fixed at the top of the band rose from 65.2% in the first quarter to 88.9% in the second quarter and into the 90% range in the third quarter. For the year (first to third quarters), the share fixed at the top of the offer price band is 81.5%.