Piece Piece Studio Co., Ltd., the operator of the K-fashion brand known for Mardi Mercredi, secured more than 7 trillion won in deposits from the retail subscription.
On the 27th, Piece Piece Studio Co., Ltd. said that from the 26th through the day, it conducted an IPO subscription for retail investors over two days and secured about 728 billion won in subscription deposits.
The subscription was conducted through the joint lead managers Mirae Asset Securities and NH Investment & Securities. The competition rate was about 1,195 to 1.
Piece Piece Studio Co., Ltd. became well known for the women's designer brand "Mardi Mercredi," introduced in 2018. Leveraging its flower graphic, it built brand recognition in and outside Korea.
Earlier, in the book-building for institutional investors held from the 14th to the 20th, a total of 2,329 institutions at home and abroad participated, posting a competition rate of 847.76 to 1. The offering price was set at 21,500 won.
A representative at Mirae Asset Securities and NH Investment & Securities, which managed the listing, said, "The global brand power of Mardi Mercredi was viewed positively by the market, leading to strong subscription participation by retail investors."
Piece Piece Studio Co., Ltd. plans to focus the IPO proceeds on expanding into global markets including China, acquiring new fashion IP and brands, and developing new categories such as beauty and lifestyle.
Meanwhile, Piece Piece Studio Co., Ltd. is scheduled to be listed on the KOSDAQ market on June 8 after payment on the 29th.