Vitzro Nextech, a supplier of space launch vehicle parts seeking a KOSDAQ listing, set its offering price at 6,900 won.
On the 10th, Vitzro Nextech said it conducted a book-building for institutional investors at home and abroad for five days from on the 31st to on the 6th, and finalized the offering price at 6,900 won, the top end of the desired price range (band).
Vitzro Nextech earlier, together with the lead manager NH Investment & Securities, presented a price band with a lower end of 5,900 won and an upper end of 6,900 won.
A total of 2,239 institutional investors at home and abroad took part in Vitzro Nextech's book-building, and by quantity, 99.9% (including those without price indications) are understood to have submitted prices at or above the top of the band (6,900 won).
Applications from institutional investors at home and abroad totaled about 3,047.8 million shares, with a competition rate of 1,015.93 to 1. The proportion with lockup commitments was 29.8% of the total.
Vitzro Nextech was established in 2016 through a spin-off from the special business division of VITZRO TECH. It produces equipment and components in advanced applied science fields such as aerospace, nuclear fusion, accelerators, plasma, and cryogenics.
In particular, it built recognition by taking part in the development of the Korean launch vehicle Nuri. It manufactured core components of the Nuri engine, including the combustor and gas generator.
An official at NH Investment & Securities said, "Along with its technology for space launch vehicle engine parts, expectations for its plasma business related to recent nuclear power plant decommissioning boosted interest from top-tier investors at home and abroad."
With Vitzro Nextech finalizing the offering price at the top end, the total offering amount is expected to be 30.4 billion won, and its market capitalization after listing to be 199.9 billion won.
The company plans to use the IPO proceeds to expand investment in research and development (R&D) and to increase production facilities.
Meanwhile, Vitzro Nextech will take retail subscriptions for two days from on the 11th to on the 12th. It will then proceed with payment on the 14th and list on the KOSDAQ market on the 21st.