Nearly 8 trillion won in deposits poured into the retail subscription for INNOTECH, a specialized environmental testing equipment company seeking a KOSDAQ listing.
According to KB Securities on the 28th, as a result of conducting the initial public offering subscription for INNOTECH for two days on the 27th-28th for retail investors, 7.8496 trillion won in subscription deposits were collected. KB Securities is the lead manager for INNOTECH's listing.
In particular, 1,067,983,140 shares were applied for against the 440,000 shares allocated to retail investors. The competition ratio was tallied at 2,427.23 to 1.
A KB Securities official said, "INNOTECH is a cutting-edge reliability test equipment technology company, and as its expandability into new industries such as displays, semiconductors, and secondary batteries has come to the fore, it has drawn strong interest from investors."
Earlier, INNOTECH also finalized its offer price at 14,700 won, the top end of the desired range. A total of 2,227 domestic and overseas institutions participated, recording a simple competition ratio of 1,072 to 1.
INNOTECH plans to use the IPO proceeds for developing equipment to respond to new industries (such as semiconductors and secondary batteries), strengthening infrastructure to serve global customers, and expanding investment in research and development (R&D).
Jang Seok-jun, chief executive of INNOTECH, said, "We appreciate the strong interest and trust in INNOTECH, and even after listing, we will leap forward as a leading corporations in global integrated reliability testing equipment based on our technological competitiveness."
Meanwhile, INNOTECH will complete payment on the 30th and list on the KOSDAQ market on the 7th of next month.