In today’s briefing:
- Seoul Guarantee Insurance IPO Bookbuilding Results Analysis
- Ecopro Materials: Seeking 300 Billion Won in Additional Capital Raise

Seoul Guarantee Insurance IPO Bookbuilding Results Analysis
- The majority of the investors placed orders at 26,000 won, which is the lower end of the IPO price range (26,000 won to 31,800 won).
- SGIC held internal discussions to set the public offering price at 26,000 won. The final price (which is likely to be 26,000 won) will be revealed on 4 March.
- Our updated base case valuation of SGIC is base case target price of 28,925 won per share. Given the lack of upside, we have a negative view of this deal.
Ecopro Materials: Seeking 300 Billion Won in Additional Capital Raise
- It has been reported in the local media that EcoPro Materials (450080 KS) is seeking about 300 billion won in additional capital which represents about 5% of its market cap.
- There could be concerns about dilution associated with this capital raise which could result in share price decline. The company is currently considering on issuing RCPS for this capital raise.
- There could be additional concerns about potential dilution associated with this capital raise which could result in further share price decline for Ecopro Materials.