LivsMed IPO Book Building Results Analysis

• Livsmed confirmed its IPO price at 55,000 won, which is at the top end of the IPO price range. Demand ratio was 232 to 1.

• A 98.8% of the IPO shares applied thought that the company’s value is 55,000 won or more.

• Our base case valuation of Livsmed is implied market cap of 2.3 trillion won or target price of 88,294 won per share, representing a 61% upside from the IPO price.