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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

There could be two changes to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> at the September index futures expiry with <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (1349010D KS)</a> and <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (259960 KS)</a> getting Fast Entry and replacing <a href="https://www.smartkarma.com/entities/lock-lock-co-ltd" target="_blank" data-smartkarma-citation="entities:4739:1" rel="noopener">Lock&amp;Lock (115390 KS)</a> and <a href="https://www.smartkarma.com/entities/jw-pharmaceutical-corp" target="_blank" data-smartkarma-citation="entities:18784:1" rel="noopener">Jw Pharmaceutical (001060 KS)</a> at the close of trading on 9 September.Then, the Korea Exchange (KRX) will announce the results of the December 2021 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in November. The constituent changes will be effective after the close of trading on 9 December.We see 5 potential changes at the December rebalance with <a href="https://www.smartkarma.com/entities/f-f-co-ltd-new" target="_blank" data-smartkarma-citation="entities:33479:1" rel="noopener">F&amp;F (383220 KS)</a>, <a href="https://www.smartkarma.com/entities/sl-corp" target="_blank" data-smartkarma-citation="entities:20694:1" rel="noopener">SL Corp (005850 KS)</a>, <a href="https://www.smartkarma.com/entities/geneone-life-science-inc" target="_blank" data-smartkarma-citation="entities:6549:1" rel="noopener">GeneOne Life Science Inc. (011000 KS)</a>, <a href="https://www.smartkarma.com/entities/myoung-shin-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:29698:1" rel="noopener">Myoung Shin Industrial Co.,Ltd (009900 KS)</a> and <a href="https://www.smartkarma.com/entities/hyosung-chemical-corp" target="_blank" data-smartkarma-citation="entities:27752:1" rel="noopener">Hyosung Chemical Corp (298000 KS)</a> replacing <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a>, <a href="https://www.smartkarma.com/entities/samyang-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:9100:1" rel="noopener">Samyang Foods (003230 KS)</a>, <a href="https://www.smartkarma.com/entities/ilyang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:2789:1" rel="noopener">Ilyang Pharmaceutical Co., (007570 KS)</a>, <a href="https://www.smartkarma.com/entities/lx-holdings" target="_blank" data-smartkarma-citation="entities:33384:1" rel="noopener">LX Holdings (383800 KS)</a> and <a href="https://www.smartkarma.com/entities/dongwon-f-b-co-ltd" target="_blank" data-smartkarma-citation="entities:3274:1" rel="noopener">Dongwon F&amp;B (049770 KS)</a>.The potential inclusions have been outperforming the potential exclusions and this could continue as short selling is only permitted on index constituents and as active funds position for the rebalance following excellent returns at the June rebalance.

There could be two changes to the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) at the September index futures expiry with KakaoBank (1349010D KS) and  Krafton Inc (259960 KS) getting Fast Entry and replacing Lock&amp;Lock (115390 KS) and Jw Pharmaceutical (001060 KS) at the close of trading on 9 September.Then, the Korea Exchange (KRX) will announce the results of the December 2021 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in November. The constituent changes will be effective after the close of trading on 9 December.We see 5 potential changes at the December rebalance with F&amp;F (383220 KS), SL Corp (005850 KS), GeneOne Life Science Inc. (011000 KS), Myoung Shin Industrial Co.,Ltd (009900 KS) and Hyosung Chemical Corp (298000 KS) replacing F&amp;F Co Ltd (007700 KS), Samyang Foods (003230 KS), Ilyang Pharmaceutical Co., (007570 KS), LX Holdings (383800 KS) and Dongwon F&amp;B (049770 KS).The potential inclusions have been outperforming the potential exclusions and this could continue as short selling is only permitted on index constituents and as active funds position for the rebalance following excellent returns at the June rebalance.

KOSPI200 Index Rebalance Preview: Two Changes in September; Five in December

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

On 29 July, Krafton announced its IPO book building results. The IPO price has been determined at 498,000 won, which was at the high end of the IPO price range. The demand ratio among the institutional investors was 243 to 1. Krafton will be raising $4.3 billion in this IPO. There were 621 institutional investors that participated in the IPO survey of which 447 were domestic investors and 174 were overseas investors. <table class="table table-striped">
<colgroup>
<col>
<col span="2">
<col>
<col>
</colgroup>
<tbody>
<tr>
<td colspan="4" style="width: 508.09px;"><div style="text-align: start;"><div><div>Institutional Investors Demand Breakdown of Krafton IPO Bookbuilding Results</div></div></div></td>
<td style="width: 106.27px;"> </td>
</tr>
<tr>
<td style="text-align: left; width: 135.28px;">Domestic Investors</td>
<td style="text-align: center; width: 106.22px;"> </td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;"> </td>
<td style="text-align: center; width: 106.22px;">Asset mgmt companies</td>
<td style="text-align: center; width: 120.25px;">Brokerages</td>
<td style="text-align: center; width: 146.34px;">Pension funds/insurance/banks</td>
<td style="text-align: center; width: 106.27px;">Others</td>
</tr>
<tr>
<td style="width: 135.28px;">No. of companies</td>
<td style="text-align: center; width: 106.22px;">231</td>
<td style="text-align: center; width: 120.25px;">18</td>
<td style="text-align: center; width: 146.34px;">94</td>
<td style="text-align: center; width: 106.27px;">104</td>
</tr>
<tr>
<td style="width: 135.28px;">Demand</td>
<td style="text-align: center; width: 106.22px;">93.7</td>
<td style="text-align: center; width: 120.25px;">6.0</td>
<td style="text-align: center; width: 146.34px;">51.0</td>
<td style="text-align: center; width: 106.27px;">49.4</td>
</tr>
<tr>
<td style="width: 135.28px;"> </td>
<td style="text-align: center; width: 106.22px;"> </td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;"> Overseas Investors</td>
<td style="text-align: center; width: 106.22px;"></td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;"> </td>
<td style="text-align: center; width: 106.22px;">(A)*</td>
<td style="text-align: center; width: 120.25px;">(B)**</td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;">No. of companies</td>
<td style="text-align: center; width: 106.22px;">146</td>
<td style="text-align: center; width: 120.25px;">28</td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;">Demand</td>
<td style="text-align: center; width: 106.22px;">13.1</td>
<td style="text-align: center; width: 120.25px;">30.0</td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;"> </td>
<td style="text-align: center; width: 106.22px;"> </td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;">Total (No. of companies)</td>
<td style="text-align: center; width: 106.22px;">621</td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr>
<td style="width: 135.28px;">Total Demand</td>
<td style="text-align: center; width: 106.22px;">243.1</td>
<td style="text-align: center; width: 120.25px;"> </td>
<td style="text-align: center; width: 146.34px;"> </td>
<td style="text-align: center; width: 106.27px;"> </td>
</tr>
<tr><td colspan="5" style="width: 614.36px;">Note: (A)* refers to overseas investment mgmt companies that have records of trading with the brokers involved in this deal.</td></tr>
<tr><td colspan="5" style="width: 614.36px;">(B)** refers to overseas investment mgmt companies that do not have records of trading with the brokers involved in this deal.</td></tr>
<tr>
<td colspan="2" style="width: 241.5px;">Source: Company data</td>
<td style="width: 120.25px;"> </td>
<td style="width: 146.34px;"> </td>
<td style="width: 106.27px;"> </td>
</tr>
</tbody>
</table><ul>
<li>We continue to have a NEGATIVE view of the Krafton IPO post book building results. Our base case valuation of Krafton remains implied market cap of 23.0 trillion won or implied price of 445,942 won per share, which represents 10% lower than the IPO price of 498,000 won. </li>
<li><a href="http://www.ipo38.co.kr/ipo/index.htm?o=v&amp;key=6&amp;no=1671&amp;l=&amp;page=1" target="_blank" rel="noopener">Gray market price</a> of Krafton is 530,000 won, which is 6% higher than the IPO price of 498,000 won. </li>
<li>Overall, there were some big institutional investors (both overseas and domestic) that helped to push Krafton's IPO price to the high end of the lowered IPO price range. Despite this positive, the lock-up periods and the demand ratios were relatively weak as compared to other major IPOs in the past year. </li>
<li>We do not expect any meaningful first day pop for the Krafton IPO. At best, we think there could be a 10-20% increase from the IPO price in the first few hours of trading on August 10th (IPO date). However, over a 6-12 months view, we believe that Krafton's stock price will decline lower towards our base case intrinsic value of 455,942 won.</li>
</ul>

On 29 July, Krafton announced its IPO book building results. The IPO price has been determined at 498,000 won, which was at the high end of the IPO price range. The demand ratio among the institutional investors was 243 to 1. Krafton will be raising $4.3 billion in this IPO. There were 621 institutional investors that participated in the IPO survey of which 447 were domestic investors and 174 were overseas investors. 








Institutional Investors Demand Breakdown of Krafton IPO Bookbuilding Results
 


Domestic Investors
 
 
 
 


 
Asset mgmt companies
Brokerages
Pension funds/insurance/banks
Others


No. of companies
231
18
94
104


Demand
93.7
6.0
51.0
49.4


 
 
 
 
 


 Overseas Investors

 
 
 


 
(A)*
(B)**
 
 


No. of companies
146
28
 
 


Demand
13.1
30.0
 
 


 
 
 
 
 


Total (No. of companies)
621
 
 
 


Total Demand
243.1
 
 
 

Note: (A)* refers to overseas investment mgmt companies that have records of trading with the brokers involved in this deal.
(B)** refers to overseas investment mgmt companies that do not have records of trading with the brokers involved in this deal.

Source: Company data
 
 
 



We continue to have a NEGATIVE view of the Krafton IPO post book building results. Our base case valuation of Krafton remains implied market cap of 23.0 trillion won or implied price of 445,942 won per share, which represents 10% lower than the IPO price of 498,000 won. 
Gray market price of Krafton is 530,000 won, which is 6% higher than the IPO price of 498,000 won. 
Overall, there were some big institutional investors (both overseas and domestic) that helped to push Krafton's IPO price to the high end of the lowered IPO price range. Despite this positive, the lock-up periods and the demand ratios were relatively weak as compared to other major IPOs in the past year. 
We do not expect any meaningful first day pop for the Krafton IPO. At best, we think there could be a 10-20% increase from the IPO price in the first few hours of trading on August 10th (IPO date). However, over a 6-12 months view, we believe that Krafton's stock price will decline lower towards our base case intrinsic value of 455,942 won.


Trading Strategy of Krafton IPO Post Bookbuilding Results

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

The last day of Krafton's bookbuilding? Well, it was really a crazy day.<div class="content-highlight">
<h2>A suspicious rumor circulated at noon yesterday</h2>
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.
</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

South Korea

Krafton, Inc. operates as a game development company. The Company develops console games, mobile games, computer games, and other related products. Krafton markets its products throughout South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Krafton (259960 KS)

KOSPI200 Index Rebalance Preview: Two Changes in September; Five in December

We see 2 potential Fast Entry changes in September & then 5 more changes at the December rebalance. The adds are outperforming the deletes and the...

Brian Freitas

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

This post details Kakao Bank IPO's full allocation results, index floats, and & Fast Entry possibilities for the major indexes.

Sanghyun Park

Trading Strategy of Krafton IPO Post Bookbuilding Results

We continue to have a NEGATIVE view of the Krafton IPO post book building results. Our base case valuation of Krafton remains implied price of...

Douglas Kim

Krafton Bookbuilding: Subscription/Lockup Data & Resulting Implications

As expected, Krafton's IPO price has been confirmed at ₩498,000, the upper end of the band. This post details subscription/lockup orders by each...

Sanghyun Park

Krafton Bookbuilding: A Quick Recap of Last Day Craziness

This post is a quick recap of what's happened yesterday in the Krafton IPO bookbuilding. It examines the market rumor that surfaced yesterday and...

Sanghyun Park

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