Dowoo Insys IPO Book Building Results Analysis

• Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.

• The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.

• Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won).