Model agency corporations ESteem set the offering price at the top end through demand forecasting for institutional investors.
On the 20th, ESteem said it finalized the offering price at 8,500 won based on demand forecasting for domestic and overseas institutional investors conducted from the 9th to the 13th.
ESteem had earlier proposed an offering price band of 7,000–8,500 won. Among the institutional investors who took part in this book-building, 99.9% (including those who did not specify a price) submitted bids at or above the top of the band. The competition ratio was 1,335 to 1. Reflecting the results of this demand forecast, the total offering amount is about 15.3 billion won, and the market capitalization after listing is about 73.8 billion won.
ESteem is a model agency founded in 2004 and represents Han Hye-jin, Jang Yoon-ju, and others. ESteem plans to use this listing as a springboard to grow into a brand content corporations.
An official at Korea Investment & Securities Co., which is managing the listing, said, "The importance of content centered on brand storytelling is growing," and noted, "ESteem's capabilities in content planning and production, its strategy to expand its brand incubating business, and a virtuous cycle linked to artist IP received positive feedback from institutional investors."
ESteem plans to apply its experience building external brand identities to its in-house incubating brands. It has signed management contracts with a total of 10 brands and, separately, is investing in two brands, rapidly expanding its business.
Meanwhile, ESteem will take subscriptions from retail investors for two days on the 23rd–24th. After payment, it plans to debut on the KOSDAQ market on the 6th of next month.