[Asia Economy Reporter Minji Lee] Jeju Maekju, a craft beer specialist company, announced on the 14th that it recorded a subscription competition rate of 1,748.25 to 1 in the public offering subscription for general investors held from the 13th to the 14th. This is the highest competition rate ever among Tesla requirement (special case for unprofitable companies) listed companies.
According to Daishin Securities, which is managing Jeju Maekju's listing, the general public offering subscription targeted 2,090,500 shares, which is 25% of the total public offering volume of 8,362,000 shares. Over two days, 3,654,724,700 shares were subscribed, and the deposit amount was approximately 5.8 trillion KRW, continuing the enthusiasm from institutional demand forecasting.
Jeju Maekju conducted demand forecasting targeting institutional investors, with 1,447 institutions participating and recording a competition rate of 1,356.43 to 1. The public offering price was finalized at 3,200 KRW, exceeding the upper limit of the expected range (2,600 KRW to 2,900 KRW). Among all participating institutions, 99.45% offered prices at or above the upper limit of the public offering price.
Moon Hyuk-gi, CEO of Jeju Maekju, said, “It seems that Jeju Maekju’s innovativeness, growth potential, and the positive outlook of the beer market received good evaluations from investors.” He added, “Taking this KOSDAQ listing as an opportunity, we will increase investment in research and development, produce high-quality products through our technology research center, and actively utilize global distribution networks to target overseas markets.”
The company will complete deposit payments and refunds on the 18th of this month and will be listed on the KOSDAQ market on the 26th. Jeju Maekju plans to use the funds raised entirely through new shares in this public offering to strengthen brewery research and development capabilities and discover local overseas partners after listing.
Meanwhile, Jeju Maekju aims to become a leading Korean beer company by driving both quantitative and qualitative growth in the beer market through innovative business strategies in domestic and international markets. The strategy includes expanding domestic and overseas distribution by diversifying production channels utilizing the relaxed regulatory environment, and accelerating new product development as well as strengthening quality control by establishing the technology research center as the headquarters.
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