[This Week's IPO] October Third Week Demand Forecast and Subscription Schedule

In the third week of this month (12th), Toprun Total Solution, HEM Pharma, Airrain, Meatbox Global, Dongbang Medical, Tomocube, and Theborn Korea will conduct demand forecasting for institutional investors. HNS Hightech, Cimes, Clobot, and Wavys are preparing for general subscription.

◆Toprun Total Solution= Established in 2004, Toprun Total Solution is a global Automotive & Display advanced parts ODM specialized company that has developed and manufactured various electronic components such as automotive displays and IT/mobile parts. The company has grown its scale by expanding its IT parts business areas, which are widely used in daily life such as automotive, smartphones, and TVs, based on display backlight design and manufacturing technology.

A total of 2.5 million shares will be offered entirely as new shares. The desired offering price is between 12,000 and 14,000 KRW, with a total offering amount of 30 billion to 35 billion KRW. Demand forecasting will be conducted over five days from the 14th to the 18th, followed by general subscription on the 23rd and 24th. KB Securities is the lead underwriter.

◆HEM Pharma= HEM Pharma is a global microbiome specialized company operating a personalized healthcare and LBP (Live Biotherapeutic Products) discovery platform business based on its proprietary patented technology PMAS (Personalized Pharmaceutical Metal-Analytical Screening).

The total number of shares to be offered is 697,000, with a desired offering price range of 16,400 to 19,000 KRW. After finalizing the offering price through demand forecasting for institutional investors from the 14th to the 18th, the public subscription will be held for two days starting on the 24th. Shinhan Investment Corp. is the lead underwriter.

◆Airrain= Airrain is the only domestic company developing and manufacturing membrane (hollow fiber) based gas separation membranes. The company possesses technology that selectively separates gases such as nitrogen, methane, and carbon dioxide through its self-developed gas separation membranes.

A total of 1.2 million shares will be offered. The desired offering price is between 16,000 and 18,500 KRW, with a total offering amount of 19.2 billion to 22.2 billion KRW. Demand forecasting will be conducted over five days from the 15th to the 21st, followed by general subscription on the 24th and 25th. The company aims to list on KOSDAQ within November. Shinyoung Securities is the lead underwriter.

◆Meatbox Global= Meatbox Global operates the ‘Meatbox’ platform, which has digitized the B2B livestock product distribution market. Unlike B2C platforms that sell meat to end consumers, ‘Meatbox’ provides a service for direct transactions between primary wholesalers and self-employed operators of restaurants and butcher shops.

A total of 1 million shares will be offered, with a desired offering price range of 23,000 to 28,500 KRW, and a total offering amount of 23 billion to 28.5 billion KRW. After finalizing the offering price through institutional demand forecasting from the 15th to the 21st, general subscription will be held on the 24th and 25th. Mirae Asset Securities is the lead underwriter.

◆Dongbang Medical= Dongbang Medical possesses both traditional Korean medical device products such as acupuncture needles and cupping cups, and aesthetic medical device products including fillers, absorbable sutures, and various special needles. The company has advanced its core needle processing technology and has achieved results in manufacturing various special needles such as cannulas used for filler injections based on this technology.

The total number of shares to be offered is 3,401,029, with a desired offering price per share of 9,000 to 10,500 KRW. Approximately 35.7 billion KRW (based on the upper limit of the offering price) will be raised through this offering. Demand forecasting for institutional investors will be conducted over five business days from the 16th to the 22nd, followed by general subscription on the 28th and 29th, with plans to list in November. NH Investment & Securities is the lead underwriter.

◆Tomocube= Founded in 2015, Tomocube is a company specializing in the development of cell imaging equipment and analysis software based on Holotomography technology. Holotomography technology is Tomocube’s proprietary technology that allows real-time observation of living cells or organoids at high resolution without cell loss or deformation. Utilizing 3D imaging technology, it enables long-term observation of living three-dimensional cell structures and can detect intracellular toxicity that is difficult to find with conventional microscopes, with applications in organoids (mini-organs created by 3D culturing of cells).

This offering will include 2 million shares. The desired offering price per share is between 10,900 and 13,400 KRW, with a total expected offering amount of approximately 21.8 billion to 26.8 billion KRW. Demand forecasting for institutional investors will be conducted over five days from the 17th to the 23rd, followed by general subscription on the 28th and 29th. Daishin Securities is the lead underwriter.

◆Theborn Korea= Established in 1994, Theborn Korea operates the ‘food service business’ based on 25 dining franchises including Paik’s Coffee, Hong Kong Banjeom, Saemaeul Sikdang, Hanshin Pocha, and Yeokjeon Udon, the ‘distribution business’ providing various products such as HMR, processed foods, and sauces to consumers, and the ‘hotel business’ through Theborn Hotel in Jeju Island.

A total of 3 million shares will be offered. The desired offering price per share is between 23,000 and 28,000 KRW, with a total expected offering amount of approximately 69 billion to 84 billion KRW. Demand forecasting for institutional investors will be conducted over five days from the 18th to the 24th, followed by general subscription on the 28th and 29th, aiming for a KOSPI listing within November. Korea Investment & Securities and NH Investment & Securities are the lead underwriters.

◆HNS Hightech= The desired offering price range is 22,000 to 26,000 KRW. Demand forecasting for institutional investors was conducted until the 8th, and general subscription for individual investors will be held over two days on the 14th and 15th. The raised funds will be used for facility investment and research and development. Mirae Asset Securities is the lead underwriter.

HNS Hightech is the domestic number one and global number three company in the ACF (Anisotropic Conductive Film) and quartz crystal oscillator business, which are frequency-related electronic components. ACF is a material that electrically connects and adheres circuit components such as display panels or various sensors’ substrates with FPCB (Flexible Printed Circuit Board) and COF (Chip On Film), maintaining their properties. It is a core component used in display products such as TVs, monitors, and mobile phones, as well as camera modules and temperature/voltage sensors.

◆Cimes= The offering price was finalized at 30,000 KRW, exceeding the upper limit of the desired price band (24,000 KRW). The subscription competition rate was 577 to 1, with an offering amount of approximately 78 billion KRW and a post-listing market capitalization of about 343.1 billion KRW. After general subscription for individual investors on the 15th and 16th, the company plans to list on the KOSDAQ market on the 24th. General subscription will be conducted through lead underwriter Samsung Securities, co-underwriter Eugene Investment & Securities, and underwriter Yuanta Securities.

Cimes is a company that implements intelligent robot solutions by integrating artificial intelligence (AI), 3D vision, and robot guidance technology. Its core technologies include ▲3D vision sensors as the robot’s eyes ▲image processing algorithms as the brain ▲robot control software technology that applies AI to robots for flexible and precise robot control.

◆Clobot= The desired offering price range is 9,400 to 10,900 KRW, with a total offering amount of 28.2 billion to 32.7 billion KRW. Demand forecasting for domestic and foreign institutional investors will be conducted until the 14th, followed by general subscription on the 16th and 17th, with plans to list on the KOSDAQ market. Mirae Asset Securities is the lead underwriter.

Founded in 2017, Clobot achieved consolidated sales of 24.2 billion KRW last year, maintaining an average annual growth rate of 79% over four years since 2020. The company currently has over 130 clients and is collaborating on major projects with companies such as Hyundai Motor and Boston Dynamics.

◆Wavys= The desired offering price range is 11,000 to 12,500 KRW. Demand forecasting for institutional investors will be conducted until the 14th, followed by general subscription on the 17th and 18th. Daishin Securities is the lead underwriter.

Wavys is the first domestic company to successfully localize mass production technology for gallium nitride (GaN) RF semiconductor chips. It has a large and high-growth potential front market including advanced weapon systems, anti-drone, mobile communication infrastructure, and satellites.