ICTK IPO Book Building Results Analysis

• ICTK reported excellent book building results. ICTK's IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO price range.

• ICTK is a security company specializing in Internet of Things (IoT) based on physical copy prevention technology called PUF which is a cutting-edge technology during the chip manufacturing process.

• Our base case valuation is implied market cap of 376.8 billion won or target price of 28,694 won, which is 43% higher than the IPO price (20,000 won).

IPO Book Building Results

ICTK reported excellent book building results. ICTK's IPO price has been determined at 20,000 won, which is 25% higher than the high end of the IPO price range. A total of 2,113 institutional investors participated in this IPO book building. The demand ratio was 783 to 1. ICTK will start trading on 17 May.