D'Alba Global IPO Bookbuilding Results Analysis

• The IPO price of d'Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.

• The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.

• Our base case valuation of d'Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.

IPO Book Building Results

The IPO price of d'Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range (54,500 won to 66,300 won). A total of 2,225 institutional investors participated in the IPO bookbuilding and the demand ratio was 1,141 to 1.

At the IPO price of 66,300 won, the IPO offering amount is 43.4 billion won and the expected market cap will be 800.2 billion won. The IPO of d'Alba Global will start trading on 22 May.