Model agency ESteem, which is seeking to list on the KOSDAQ market, succeeded in its retail subscription.
On the 24th, ESteem said that from the 23rd to the day, it conducted an initial public offering subscription for retail investors and recorded a competition rate of 1,960.87 to 1. The number of subscriptions was 504,443, and the deposit was 375.01 billion won.
Starting as a model agency, ESteem recently declared a transformation into a "brand value creation" company to enhance brand identity and pursue rebranding. It carries out about 2,000 content projects every year, including for global luxury brands. Based on this, it has also entered the brand incubating business and has signed management contracts with 10 brands to date. It has invested in two of these brands and is rapidly expanding the business.
In the book-building for institutional investors conducted from the 9th to the 13th, 2,263 institutions participated, recording a competition rate of 1,335 to 1. Accordingly, the offer price was set at 8,500 won, the top end of the desired band. Among the participating institutions, 99.9% (including those that did not present a price) offered a price at or above the top end.
A representative of Korea Investment & Securities Co., which led the listing, said, "The positive momentum from the book-building continued, and many investors participated in the subscription," and noted, "It reflects confidence in ESteem's business model and growth potential."
ESteem plans to use the IPO proceeds secured through this listing to expand incubating investments in promising fashion brands and to strengthen investments, including establishing a flagship store.
Chief Executive Kim So-yeon of ESteem said, "After the listing, we will grow into a leading K-fashion stock attracting attention in the global market."
Meanwhile, ESteem will go public on the KOSDAQ market on Mar. 6 after payment on the 26th.