HD Hyundai Marine Solutions, Public Offering Price Set at Upper Limit... 45% Locked-In Shareholders

HD Hyundai Marine Solutions, considered the biggest IPO candidate in the first half of this year, has set its public offering price at 83,400 KRW.

HD Hyundai Marine Solutions announced on the 24th that it recorded a demand forecast competition rate of 201 to 1 after conducting a demand forecast targeting domestic and international institutional investors for five business days from the 16th to the 22nd. A total of 2,021 institutions participated in the demand forecast, including 1,805 domestic institutions and 216 overseas institutions, applying for a total of 984,511,800 shares.

The public offering price was set at the upper end of the desired price range of 73,300 to 83,400 KRW, at 83,400 KRW. When converting the number of shares participating in the demand forecast based on the upper limit of the public offering price, the amount involved in the demand forecast reaches approximately 82 trillion KRW.

In the demand forecast, 100% of the total participating volume offered prices at or above the upper limit of the desired price range, 83,400 KRW. The ratio of subscription for the lock-up agreement, which commits not to sell shares for a certain period (15 days to up to 6 months), also reached 45.1%. The market capitalization based on the public offering price is expected to be approximately 3.7071 trillion KRW.

HD Hyundai Marine Solutions plans to use the public offering funds for mid- to long-term growth, including strengthening its global network and research and development. Through this, it aims to solidify its brand position in the ship AM market, expand capabilities in eco-friendly retrofit projects, and advance its ship digital business.

Lee Ki-dong, CEO of HD Hyundai Marine Solutions, expressed his ambition, saying, "Through the listing, we will grow into a unique comprehensive marine solutions company in the global market."

HD Hyundai Marine Solutions will proceed with general subscription from the 25th to the 26th and will be listed on the KOSPI on the 8th of next month. The lead underwriters for the listing are KB Securities, UBS, and JP Morgan, with Shinhan Investment Corp. and Hana Securities as joint underwriters. The underwriting group also includes Samsung Securities and Daishin Securities.