K Bank IPO Bookbuilding: To Price Lower than Low IPO Price Range or Even Potential Cancellation
Chosun Business Daily mentioned that K Bank IPO book building results among institutional investors have been very poor so far.
As a result, the bankers and K Bank are currently considering on potentially reducing the IPO price to about 8,500 won or even cancelling the IPO altogether.
Our base case valuation of K Bank is target price of 9,151 won per share. Even if the IPO is priced at 8,500 won, we would pass on this IPO.
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