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SK shieldus withdraws IPO plan on tepid institutional demand

Collected: 2022.05.06

Distributed: 2022.05.07

Source: Go Direct

[Source: SK shieldus]

SK shieldus, the No. 2 security company under South Korea’s SK square Co., has canceled its initial public offering (IPO) plan after meeting lukewarm institutional demand during a two-day book-building session amid bearish market and growing uncertainties in the global macro economy.

The company deemed it could not get fair pricing and decided to put off the offering until market conditions improve, SK shieldus said Friday in its statement to the Financial Supervisory Service.

The security company had kept to original desired price band at between 31,000 won ($24.33) and 38,000 won, which could capitalize its circulating shares at 3.5 trillion won at the top end and exceed industry No. 1 S-1 Corp. with a market cap of 2.6 trillion won despite overvaluation issue.

Bids are said to have fallen below the bottom end.

The setback after a blockbuster IPO steak of SK names last year may influence the candidates in the pipeline.

One Store, another unit under SK square is also readying an IPO in May, local top car-sharing service provider SoCar in June, and leading fresh food next-morning delivery platforms Kurly and Oasis Market in the second half.

One Store and boxing material maker Tailim Paper’s book-building kick off on May 9. Medical device maker and radiation specialist Remedi has filed for a preliminary review to go public on the Kosdaq on Friday.

SK square shares were trading 4.36 percent lower at 48,300 won in Seoul trading at 11:09 a.m. Friday.

By Kang Woo-seok and Lee Ha-yeon

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