Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

AllocationAll the allocation results for the Kakao Bank IPO are now available at DART. Institutional investors took 55% of the total offering, and retail took 25.5%, receiving the forfeited shares from the ESOP subscriptions.
Almost all institutional allocations have gone to local publicly raised funds and pensions known for their long-term holding tendencies. Yes, as expected, those presumably long-term foreign funds also took a substantial portion, which Kakao Bank needs to boost the foreign ownership percentage, often interpreted as a symbolic indicator of popularity.









Allocation by type
Allocated, % of the offering
Final, % of the offering
Final, % of post-IPO SO


Institutional
55.00%
55.00%
7.58%


1. Local publicly raised funds
-
16.00%
2.21%


2. Local Br/IA
-
1.02%
0.14%


3. Local pension, etc.
-
9.83%
1.36%


4. Local others
-
0.61%
0.08%


5. Foreign
-
27.53%
3.80%


6. Foreign, other
-
0.00%
0.00%


Retail
25.00%
25.50%
3.51%


ESOP
20.00%
19.50%
2.68%


Total
100.00%
100.00%
13.78%

Source: DART



Below is the classification of institutional investors as defined in KRX statistics.






By investor type

1. Local publicly raised funds

Long-term


2. Local brokerages/investment advisories

Short-term


3. Local pensions, funds managing proprietary assets, banks, and insurance companies
Long-term


4. Local others: discretionary investment companies, savings banks, real estate trust companies, capital companies, and leasing companies
Mainly, short-term


5. Foreign institutional investors with a transaction record: foreign IPO/hedge funds

Depends


6. Foreign institutional investors without transaction record: local hot money

Mostly, short-term

Source: DART




Lockups
Institutional allocations without lockup account for only 40%. Most of the shares allocated to local publicly raised funds and pensions are locked up for 3-6 months. Foreign funds also locked up about 25% of their allocated shares, which is much higher than usual.
The initial expectation was to take the lockup weight to a minimum considering the immediate float, but it turns out that Kakao Bank has aggressively locked up than originally expected.















Lockups by institution type
1. Local PO
2. Local Br/IA
3. Local pension, etc.
4. Local others
5. Foreign
6. Foreign, other
Total


6 months
13.02%
0.25%
14.84%
0.29%
8.42%
0.00%
36.81%


3 months
9.63%
0.62%
1.86%
0.29%
1.67%
0.00%
14.07%


1 month
4.13%
0.23%
0.59%
0.17%
3.61%
0.00%
8.72%


15 days
0.17%
0.04%
0.01%
0.00%
0.00%
0.00%
0.22%


No lockup
2.15%
0.71%
0.58%
0.37%
36.36%
0.00%
40.18%


Total
29.10%
1.85%
17.88%
1.12%
50.06%
0.00%
100.00%

Source: DART


The amount released to the market immediately after the listing is 22.55% of the total number of outstanding shares. This includes pre-IPO minority shareholders (mostly VC and corporate), which account for 15.99%.












Post-IPO lockup releases, as a % of SO
IPO shareholders
Major shareholder
ESOP
VC/corporate stakeholders
Other pre-IPO minority shareholders (mostly VC/corporate)
Total


1 year
0.00%
0.00%
2.68%
0.00%
0.00%
2.68%


6 months
2.79%
27.26%
0.00%
39.76%
0.00%
69.81%


3 months
1.07%
0.00%
0.00%
3.20%
0.00%
4.27%


1 month
0.66%
0.00%
0.00%
0.00%
0.00%
0.66%


15 days
0.02%
0.00%
0.00%
0.00%
0.00%
0.02%


Lock-up
4.54%
27.26%
2.68%
42.96%
0.00%
77.44%


No lock-up
6.56%
0.00%
0.00%
0.00%
15.99%
22.55%

Source: DART





Kakao Bank: Full Allocation Results, Index Floats, & Fast Entry Possibilities

As expected, Krafton's IPO price has been confirmed at ₩498,000, the upper end of the indicative price band. So, Krafton gets to raise a total of ₩4.3T through this public offering, and its market cap reaches ₩24.4T.







Pricing
Low
High (final)


Price
₩400,000
₩498,000


Base deal size
₩3,461.7B
₩4,309.8B


- Institutional allotment
₩1,903.9B
₩2,370.4B


Implied market cap
₩19,559.2B
₩24,351.2B


- Discount
30.93%
14.01%

Source: DART

The competitive rate for institutional subscriptions came out to be 243.2 to 1, similar to what has already been leaked from the market. Compared to the recent mega IPOs that easily exceeded 1,000 to 1, it can be seen that this IPO's institutional participation rate was low. However, considering that this IPO has a substantially larger offering size and a very aggressive price, it can be concluded that the interest of institutions was higher than expected.









By investor type
Institution
%
Demand
%


Local publicly raised funds
231
37.20%
445,792,000
38.52%


Local brokerages/investment advisories
18
2.90%
28,393,000
2.45%


Local pensions, funds managing proprietary assets, banks, and insurance companies
94
15.14%
242,965,000
20.99%


Local others (mostly discretionary investment companies - local hedge funds)
104
16.75%
234,982,000
20.30%


Foreign (foreign IPO funds &amp; hedge funds)
146
23.51%
62,498,497
5.40%


Foreign others (mostly local hot money)
28
4.51%
142,697,000
12.33%


Total
621
100.00%
1,157,327,497
100.00%


Subscription rate
243.15 to 1

Source: DART

Looking at the application results for each type of institution below, we can find a very interesting fact.
First, a large number of foreign institutions with business relationships (i.e., major foreign investment institutions) participated in this subscription. The share of 23.5% by the number of participating institutions is significantly higher than the typical level for local IPOs. Of course, most of them applied based on actual demand, so their proportion of total subscription volume is only 5.4%. However, considering that all these quantities are actual demand, we can safely say that their participation level is quite high. This is a result consistent with what Mirase Asset (the bookrunner) has continuously leaked to the market about the active participation of many major overseas institutions.

Another point to note is that the number of participating local institutions is remarkably low, consistent with the initial forecast that most small and medium-sized institutions skipped this IPO due to scheduling conflicts with LG Energy Solutions.
Finally, institutions belonging to the category 'Foreign others' were quite aggressive in taking orders despite a small number of participating institutions. These are mainly local hot money managers, who are the most active in early profit realization trading. In other words, their aggressive move to secure Krafton IPO shares means that they are heavily betting on a short-term price increase due to the entry of local retailers immediately after Krafton's listing.

The category 'Foreign' indicates foreign institutional investors with transaction records. They are foreign institutional investors who have a business relationship with the underwriter or of whom the underwriter acquirer is aware of the identity. So, these foreign institutions can be considered well-established overseas institutions actually based overseas.
In contrast, the category 'Foreign others' indicates foreign institutional investors without transaction records. Most of them are local hot money only whose legal office is registered overseas.
The "Unspecified" category usually indicates that they want the shares above the high end. With that in mind, 37.4% have gone for the upper end or above. The other 57.5% selected 75-100% of the upper end. So, most of the orders (95%) are priced at 75-100% of the upper end or higher. Unlike the initial concerns, we can say the institutional pricing is quite aggressive.









By price
Institution
%
Demand
%


Above high end
59
9.50%
279,666,000
24.16%


75-100% of high end
246
39.61%
665,029,823
57.46%


50-75% of high end
1
0.16%
1,000
0.00%


25-50% of high end
0
0.00%
0
0.00%


0-25% of high end
7
1.13%
11,370,000
0.98%


Median
0
0.00%
0
0.00%


75-100% of median
1
0.16%
1,000
0.00%


50-75% of median
0
0.00%
0
0.00%


25-50% of median
3
0.48%
77,000
0.01%


0-25% of median
105
16.91%
48,077,000
4.15%


Low end or below
27
4.35%
37,000
0.00%


Unspecified
172
27.70%
153,068,674
13.23%


Total
621
100.00%
1,157,327,497
100.00%

Source: DART



Krafton Bookbuilding: Subscription/Lockup Data & Resulting Implications

<p>The last day of Krafton's bookbuilding? Well, it was really a crazy day.</p><div class="content-highlight">
<h2><strong>A suspicious rumor circulated at noon yesterday</strong></h2>
<p><strong>First of all, at noon yesterday, a rumor circulated among local institutions through the messenger mainly used by institutions.</strong></p>
<p><em>Previously, Yahoo Messenger was the main medium for circulating all sorts of rumors and stories between local institutional investors. But after the Yahoo Messenger service was terminated, NateOn is mainly used now.</em></p>
<p><strong>The content of this rumor was somewhat provocative. The rumor said that the bankers are currently holding an emergency meeting due to the low competition rate for institutional subscriptions in the Krafton bookbuilding.</strong></p>
<p><strong>When Mirae Asset Securities learned that this rumor was circulating through NateOn, it immediately denied it, which led to an unusual situation where a banker updated the bookbuilding progress even before bookbuilding was closed.</strong></p>
<p>In fact, Mirae Asset explained to local institutions yesterday afternoon that this Krafton bookbuilding was significantly more positive than initially expected and that the rumor of holding an emergency meeting due to the disastrous results simply was not true.</p>
<p>However, it is said that this rumor has caused confusion among some local institutions and has had some effect on the institutional subscription rate on the last day.</p>
</div>

The last day of Krafton's bookbuilding? Well, it was really a crazy day.
A suspicious rumor circulated at noon yesterday
First of all, at noon yesterday, a rumor circulated among local institutions through the messenger mainly used by institutions.
Previously, Yahoo Messenger was the main medium for circulating all sorts of rumors and stories between local institutional investors. But after the Yahoo Messenger service was terminated, NateOn is mainly used now.
The content of this rumor was somewhat provocative. The rumor said that the bankers are currently holding an emergency meeting due to the low competition rate for institutional subscriptions in the Krafton bookbuilding.
When Mirae Asset Securities learned that this rumor was circulating through NateOn, it immediately denied it, which led to an unusual situation where a banker updated the bookbuilding progress even before bookbuilding was closed.
In fact, Mirae Asset explained to local institutions yesterday afternoon that this Krafton bookbuilding was significantly more positive than initially expected and that the rumor of holding an emergency meeting due to the disastrous results simply was not true.
However, it is said that this rumor has caused confusion among some local institutions and has had some effect on the institutional subscription rate on the last day.


Krafton Bookbuilding: A Quick Recap of Last Day Craziness

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano Inc (7309 JP)</a>, <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a>, <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/pharma-foods-international" target="_blank" data-smartkarma-citation="entities:10530:1" rel="noopener">Pharma Foods International (2929 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> and <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel Ltd (5406 JP)</a>. Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/pan-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:5279:1" rel="noopener">Pan Ocean (028670 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-retail-co-ltd" target="_blank" data-smartkarma-citation="entities:3867:1" rel="noopener">GS Retail (007070 KS)</a>, <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>. </p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> and <a href="https://www.smartkarma.com/entities/sitronix-technology-corp" target="_blank" data-smartkarma-citation="entities:5684:1" rel="noopener">Sitronix Technology (8016 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/chunghwa-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:9181:1" rel="noopener">Chunghwa Telecom (2412 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent (700 HK), China Merchants Bank H (3968 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and Sunny Optical (2382 HK) while there was short covering on Weimob Inc. (2013 HK), Xiaomi Corp (1810 HK), JD.com Inc. (9618 HK), Nongfu Spring (9633 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.In Japan, stocks increased on Shimano Inc (7309 JP), Harmonic Drive Systems (6324 JP), Cocokara Fine (3098 JP), Nippon Steel Corporation (5401 JP) and Casio Computer (6952 JP) while there was short covering on Pharma Foods International (2929 JP), SUMCO Corp (3436 JP), BASE Inc (4477 JP), Showa Denko K.K. (4004 JP) and Kobe Steel Ltd (5406 JP). Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.In Korea, shorts increased on HMM Co., Ltd. (011200 KS), LG Display (034220 KS), SK Innovation (096770 KS), Kakao Corp (035720 KS) and Pan Ocean (028670 KS) while shorts were covered on Doosan Heavy Industries &amp; Construction (034020 KS), Doosan Infracore (042670 KS), GS Retail (007070 KS), NCSOFT Corp (036570 KS) and Samsung Biologics Co., (207940 KS). In Taiwan, shorts increased on United Microelectronics Corp (2303 TT), Novatek Microelectronics Corp (3034 TT), Quanta Computer (2382 TT), Winbond Electronics (2344 TT) and Sitronix Technology (8016 TT) while shorts covered on Yang Ming Marine Transport (2609 TT), TSMC (2330 TT), Silergy Corp (6415 TT), Yageo Corporation (2327 TT) and Chunghwa Telecom (2412 TT).

Asia Shorts: Tencent, CMB, Ping An, Weimob, WuXi, Shimano, Cocokara, HMM, Kakao, Doosan, Yang Ming

Kakao Bank's bookbuilding results are out. As already leaked to the market earlier today, the offering price got finalized at ₩39,000, the upper end of the indicative price band, implying a market cap of ₩18.6T. There is no change in the offering volume.







Indicative price band
Low
High (Final)


Price
₩33,000
₩39,000


Base deal size
₩2,159.9B
₩2,552.6B


- Institutional allotment
₩1,187.9B
₩1,403.9B


Implied market cap
₩15,766.5B
₩18,633.1B


- Discount
31.33%
18.85%


Equity, including capital inflow from IPO
₩5,009.4B
₩5,402.1B


Capital inflow from IPO
₩2,159.9B
₩2,552.6B

Source: DART

The institutional subscription competition rate is 1,733 to 1, only slightly below the record holder SKIET's 1,883 to 1.









Name
Ticker
IPO date
Offering size
Institutional subscription competition rate


Kakao Bank
323410
2021. 08. 05
₩2,552.6B
1,732.83 to 1


SD Biosensor
361610
2021. 07. 16
₩776.4B
1,143.76 to 1


SK IE Technology
361610
2021. 05. 11
₩2,246.0B
1,882.88 to 1


SK Bioscience Co Ltd
302440
2021. 03. 18
₩1,491.8B
1,274.50 to 1


HYBE Co Ltd
352820
2020. 10. 15
₩962.6B
1,117.00 to 1


Kakao Games Corp
293490
2020. 09. 10
₩384.0B
1,478.50 to 1


SK Biopharmaceuticals Co Ltd
326030
2020. 07. 02
₩959.3B
835.00 to 1

Source: DART


₩2.433 quadrillion (thousand trillion) worth of subscription orders were poured into the bookbuilding. How large is this? Well, Kakao Bank's total value of subscription orders surpassed SKIET's ₩2.417 quad, which was the largest amount in history for an IPO in Korea.
Compared to SD Biosensor, which was an IPO just before this listing, the participation of local institutional investors (local investment advisories and hedge funds) who are active in short-term trading was higher in this listing. It can be inferred that many investors believe that the short-term share price of Kakao Bank is more likely to rise immediately after listing.










By investor type
Institution
%
Demand
%


Local publicly raised funds
581
34.85%
25,201,600,000
40.40%


Local brokerages/investment advisories
258
15.48%
11,597,306,000
18.59%


Local pensions, funds managing proprietary assets, banks, and insurance companies
243
14.58%
9,949,064,000
15.95%


Local others (mostly discretionary investment companies - local hedge funds)
205
12.30%
8,444,119,000
13.54%


Foreign (foreign IPO funds &amp; hedge funds)
194
11.64%
1,364,938,000
2.19%


Foreign others (mostly local hot money)
186
11.16%
5,820,409,000
9.33%


Total
1,667
100.00%
62,377,436,000
100.00%


Subscription rate
1,732.83

Source: DART


The "Unspecified" category usually indicates that they want the shares above the high end. With that in mind, more than half must have priced Kakao Bank at the upper end or above. The remaining 46.01% went for a 75-100% of the upper end, so it isn't that far either.










By price
Institution
%
Demand
%


Above high end
640
38.39%
26,259,108,000
42.10%


75-100% of high end
767
46.01%
32,312,440,000
51.80%


50-75% of high end
0
0.00%
0
0.00%


25-50% of high end
0
0.00%
0
0.00%


0-25% of high end
0
0.00%
0
0.00%


Median
0
0.00%
0
0.00%


75-100% of median
0
0.00%
0
0.00%


50-75% of median
0
0.00%
0
0.00%


25-50% of median
0
0.00%
0
0.00%


0-25% of median
0
0.00%
0
0.00%


Low end or below
0
0.00%
0
0.00%


Unspecified
260
15.60%
3,805,888,000
6.10%


Total
1,667
100.00%
62,377,436,000
100.00%

Source: DART




Kakao Bank Bookbuilding Results: Disclosing Subscription/Lockup Orders in Detail

South Korea

Kakao Corp. provides Internet portal services such as news, free e-mail, and leisure information.  The Company also offers cross-platform mobile messaging application that allows users to exchange messages.

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