Environmental testing equipment specialist INNOTECH has set its IPO price at 14,700 won.
INNOTECH said on the 24th that it conducted a book-building process for domestic and overseas institutional investors from the 16th to the 22nd and set the offer price at 14,700 won, the top end of the indicated range (band).
A total of 2,227 institutions at home and abroad participated in the book building, resulting in a simple competition rate of 1,072 to 1. The total offering size is about 25.9 billion won, and the expected market capitalization after listing is about 130.5 billion won.
For 100% of the participating orders (including those without a price indication), prices at or above the top of the band were submitted. Among the participating institutions, 56% committed to lockups.
INNOTECH, founded in 2013, is a specialist in so-called combined reliability environmental testing equipment that verifies whether electronic products and parts experience performance degradation or defects. It posted sales of 16.7 billion won last year.
Chief Executive Jang Seok-jun of INNOTECH said, "We will use the proceeds from the IPO to strengthen our position not only in Korea but also in global markets and lead the reliability testing equipment field."
Meanwhile, INNOTECH plans to go through a public subscription for individuals on the 27th to 28th and list on KOSDAQ on Nov. 7. KB Securities is the lead underwriter.