Jaram Technology Withdraws IPO Offering

[Asia Economy Reporter Hyungsoo Park] Next-generation communication semiconductor design company Jaram TechnoLogy submitted a withdrawal report to the Financial Supervisory Service on the 6th.

Jaram TechnoLogy proposed a public offering price range of 18,000 to 22,000 KRW per share. From the 1st to the 2nd, a two-day demand forecast was conducted to finalize the public offering price. Due to the worsening external economic conditions causing a sharp cooling of the initial public offering (IPO) market, it was judged difficult to receive an appropriate valuation of the company.

A representative from Shin Young Securities, which managed the listing, said, "Although the withdrawal of the listing is regrettable, during the IPO process, many institutional investors positively evaluated the growth potential of the core product, XGSPON." He added, "The company possesses advanced technology and has established a broad global customer network, so we expect good results in a future attempt."

Jaram TechnoLogy CEO Junhyun Baek emphasized, "It seems difficult for the market conditions to properly evaluate Jaram TechnoLogy’s fair value." He added, "We will keep the promises made to the market during the IPO IR activities and return soon with concrete achievements."