Justek, which is pursuing an initial public offering (IPO) on the KOSDAQ, has set its offering price at the top of its range. More than 2,000 institutional investors flocked to the deal, with most submitting prices at or above the upper end. Institutions that expressed their intention to hold shares for a certain period rather than sell them after listing accounted for about half of the total.
According to the investment banking (IB) industry Monday, Justek conducted book-building for domestic and overseas institutional investors from the 8th to the 12th of this month. The indicative price range presented by Justek and lead underwriter Samsung Securities was 10,500 to 12,500 won, and the company said it set the offering price at the top of the range. Of the 2,252 institutions that participated, 99.92% submitted prices at or above the upper end.
A large number of institutions also expressed their intention to hold shares long-term. Of the 2,252 participating institutions, 1,100 (28.8%) pledged not to sell their shares for at least 15 days after listing. The number of institutions that pledged not to sell for three months or more was 370, accounting for 16% of the total.
"I sincerely thank the investors who highly valued the fact that we are expanding our semiconductor revenue share through ultra-precision motion control technology secured with our own technological capabilities, and that we are focusing on the aerospace sector as a next-generation growth engine," Justek CEO Choi Dong-soo said.
As the offering price was set at the top of the range, the offering proceeds Justek will secure through its KOSDAQ listing have been confirmed at 20 billion won. Justek plans to conduct general subscription from the 18th to the 19th of this month and list on the KOSDAQ market on June 29.
