The Born Korea IPO Book Building Results Analysis

• The Born Korea reported excellent book building results. It priced its IPO at 34,000 won, which is 21% higher than the high end of the IPO price range.

• A total of 2,216 institutions participated in the IPO demand forecast and the competition rate was 734 to 1.

• According to our valuation analysis, it suggests a base case implied price of 40,230 won, which is 18% higher than the IPO price.