Socar, IPO Price Set at 28,000 Won... Offering Volume 3.64 Million Shares

CEO Park Jae-wook: "Decided on Investor-Friendly Public Offering Structure"

[Asia Economy Reporter Kwangho Lee] Mobility innovation platform Socar announced on the 9th through a public disclosure that it has set the offering price at 28,000 KRW.

Considering the results of the demand forecast conducted over two days on the 4th and 5th, as well as market conditions, Socar finalized the offering price at 28,000 KRW and the offering volume at 3.64 million shares. The total funds raised from this offering, which was conducted entirely through the issuance of new shares, amount to 101.92 billion KRW.

By lowering the offering price, the offering scale decreased from the initially expected 154.7 billion to 204.8 billion KRW to 127.4 billion KRW. Based on the offering price, the market capitalization is expected to be in the high 900 billion KRW range.

Socar’s general public subscription will be conducted from the 10th to the 11th for 910,000 shares, which is 25% of the total offering shares. The lead underwriter for the listing is Mirae Asset Securities, the joint underwriter is Samsung Securities, and the underwriting company is Yuanta Securities.

Jaeuk Park, CEO of Socar, said, “We decided on an investor-friendly offering structure by reflecting the opinions of investors.”

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