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[Alpha Biz=(Chicago) Reporter Kim Jisun] Fado, a semiconductor fabless company, decided to set the public offering price at 31,000 won, the top of the desired price, reflecting the results of demand forecasts.
Fado announced on the 26th that it had a total competition ratio of 362.9 to 1 in demand forecasts for institutional investors from the 24th to the 25th. Of the 1,082 institutions that participated in the demand forecast, 913 (84.4%) placed orders at a price of more than 31,000 won, which is above the desired public offering price range.
Reflecting this, Fado decided to set the final public offering price at 31,000 won, the highest level of the public offering price. The estimated market capitalization is 1.4898 trillion won. Of the 193.7 billion won raised, 188.9 billion won, excluding issuance costs (58.4 billion won), will be used for research and development (136 billion won), facility investment (15 billion won), and general operating funds (37.9 billion won).
In February, Fado became the first unicorn company in the semiconductor design field (unlisted startup with a corporate value of more than 1 trillion won) in recognition of its value of more than 1 trillion won in the equity investment (free IPO) stage before listing.
The total number of shares offered by Fado is 6.25 million (including 350,000 shares of the employee stock ownership association), and all of them will be issued in new shares. The investment banking (IB) industry is showing interest in whether the market will be able to digest the distribution of Fado worth more than 500 billion won. The amount that can be distributed on the market immediately after the listing of Fado is 38.92% (18.7 million shares) of the total number of shares, including 13% of the public offering.
Fado plans to apply for general investors from 27th to 28th. The listing date is August 7th. The representative director is NH Investment & Securities, and the co-director is Korea Investment & Securities.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
