Sanil Electric IPO Book Building Results Analysis

• Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range.

• The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024.

• Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (67% higher than the IPO price of 35,000 won).

Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range. The IPO offering amount is 266 billion won (US$193 million). At this price, this company's implied market cap is 1.1 trillion won. The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024.

An 95.5% of the IPO shares applied thought that the company's value is more than 35,000 won per share, which is a very bullish sign. A 4.4% of the IPO applied shares did not provide price levels.