Chaevi, a charging point operator (CPO) challenging for a KOSDAQ listing, set its offering price at 12,300 won. The number of shares on offer was also cut by 10% to 9 million from 10 million.
On the 17th, according to the financial investment industry, Chaevi conducted a five-trading-day book-building for institutional investors from the 10th to the 16th and finalized the offering price at 12,300 won, the bottom of the desired price band.
Earlier, the company presented an offering price band of 12,300–15,300 won. In particular, although the initial plan was to raise a total of 10 million shares, the number of shares on offer was reduced to 9 million.
For up to 7.5 million shares allocated to institutional investors, 751 institutions participated. Total orders reached 372.81 million shares, with most (47.14%) of orders clustering at the bottom of the price band. It was tallied as having been applied for.
The company said, "Given the winner-takes-all structure of the EV charging infrastructure market, we filled all orders at the bottom of the offering price," while adding, "We also reduced the offering volume in light of recent market conditions."
Chaevi, founded in 2016, is a CPO that handles the full scope of the charging industry from EV charger development and manufacturing to installation, operation, and after-sales service. It is cited as the No. 1 operator in Korea by fast-charging bays (about 6,000 bays).
Applications for lockup commitments were also somewhat weak. An overwhelming majority of 735 participating institutions opted not to commit.
The company plans to focus the funds raised through the listing on securing key infrastructure, advancing next-generation ultra-fast charging technology, and building a global business base.
Based on the finalized offering price, the expected proceeds total 110.7 billion won. Although the initial plan was to raise up to 153 billion won, the scale decreased due to setting the price at the bottom of the band and reducing the number of shares on offer.
Chief Executive Choi Young-hoon said, "It is meaningful that we received positive evaluations for our technology and future growth potential," adding, "After listing, we will prove our corporate value with results and repay shareholders' trust."
Meanwhile, Chaevi will take subscriptions from retail investors from the 20th to the 21st and plans to list on KOSDAQ on the 29th. KB Securities and Samsung Securities are serving as joint lead managers.