HD Hyundai Marine Solution: IPO Book Building Results Analysis

• HD Hyundai Marine Solution's IPO price has been determined at 83,400 won per share, which is at the high end of the IPO price range.

• A total of 2,021 institutional investors participated in this IPO book building. The demand ratio was 201 to 1. HD Hyundai Marine Solution will start trading on 8 May 2024.

• Our base case valuation of HD Hyundai Marine Solution is target price of 98,254 won per share, which represents an upside of 18% from the IPO price.

IPO Book Building Results

HD Hyundai Marine Solution (443060 KS) reported solid IPO book building results. HD Hyundai Marine Solution's IPO price has been determined at 83,400 won per share, which is at the high end of the IPO price range. A total of 2,021 institutional investors participated in this IPO book building. The demand ratio was 201 to 1. HD Hyundai Marine Solution will start trading on 8 May 2024.

An 83% of the IPO shares applied thought that the company's value is more than 83,400 won per share, which is a positive sign. A 6% of the IPO applied shares did not provide price levels.

Lock-Up Periods - A 45.8% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. The remaining 54.2% of the IPO shares are not under any lock-up. There are 105.4 million shares (10.7% of total) that are under lock-up periods, followed by 255.8 million shares (26% of total) that are under lock-up periods.