Angel Robotics: IPO Bookbuilding Results Analysis

• Angel Robotics reported exceptional IPO bookbuilding results. Angel Robotics' IPO price has been determined at 20,000 won, which is 33% higher than the high end of the IPO price range.

• A total of 2,067 institutional investors participated in this IPO book building. The demand ratio was 1,157 to 1. Angel Robotics will start trading on 26 March 2024.

• We remain positive on Angel Robotics. There is likely to be a sharp overshooting of its share price relative to its intrinsic value on the first day of trading.

IPO Book Building Results

Angel Robotics (455900 KS) reported exceptional IPO bookbuilding results. Angel Robotics' IPO price has been determined at 20,000 won, which is 33% higher than the high end of the IPO price range (15,000 won). A total of 2,067 institutional investors participated in this IPO book building.

The demand ratio was 1,157 to 1, which is excellent and much higher than normal. For example, APR, Samhyun, and Hyundai Hymns had institutional investors demand ratios of 663 to 1, 649 to 1, and 681 to 1 respectively in their IPO bookbuilding.

Angel Robotics will start trading on 26 March 2024. At the IPO price of 20,000 won, Angel Robotics will have a market cap of 312 billion won.

A 76% of the IPO shares applied thought that the company's value is 20,000 won. A 19% of the applied IPO shares thought that the company's value is more than 20,000 won. A 2% of the IPO applied shares did not provide price levels. Overall, the data below is not bullish since a large percentage of the IPO shares applied (76%) thought the value of the company is at the IPO price (20,000 won).

Lock-up periods - A 17% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. The remaining 83% of the IPO shares are not under any lock-up.