This week, the Korean stock market is expected to see investor interest focus on SPAC and select KOSDAQ offerings amid the continued absence of major initial public offerings. As the market enters an off-season with fewer listings, two companies will conduct book-building.
According to the financial investment industry on April 13, electric vehicle charging infrastructure company Chaevi is conducting book-building through April 16. Chaevi began book-building on April 10 and is preparing to list on April 30 following subscriptions on April 20-21. The desired IPO price range is 12,300 to 15,300 won per share.
Founded in 2016, Chaevi manufactures electric motors, generators, and power conversion, supply and control equipment. The company is reportedly the first domestic EV charging infrastructure firm to pursue an IPO. It posted consolidated revenue of 85.1 billion won and an operating loss of 27.6 billion won last year.
Wearable robot specialist Cosmo Robotics will begin book-building from April 16 to 22. This marks the company's third attempt following two postponements. The institutional book-building was originally scheduled for March 9-13 but was delayed to late March due to securities registration amendments including comparable company selection, then pushed again to April. Founded in 2016, Cosmo Robotics is a global leader in medical and rehabilitation wearable robot technology.
Meanwhile, on April 13, KOSDAQ-listed Seers Technology (458870.KQ) has a bonus share issuance scheduled. On the KOSPI market, LS Electric will undergo a par value change and Korea Circuit (007810.KS) will proceed with share cancellation. LS Electric is conducting a 5-to-1 stock split, reducing par value from 5,000 won to 1,000 won per share, increasing outstanding shares from 30 million to 150 million.
IPO subscription activity picks up on April 14. Kiwoom Hero No. 2 SPAC begins subscriptions, while Chemsys also starts its forfeited share subscription. Additionally, HLB Genex (187420.KQ), Dabolink (340360.KQ), YMT (251370.KQ), Sorux (290690.KQ), and Korea Advanced Materials (062970.KQ) have additional common share listings scheduled, with increased market float expected.
On April 15, Kiwoom Hero No. 2 SPAC subscriptions continue, while Spear (347700.KQ), KRM (093640.KQ), and ISU Abxis (086890.KQ) are included in the additional listing schedule. On the same day, KG Mobilians (046440.KQ) will complete its name change to KG Financial. On the KOSPI market, Dong-A Socio Holdings (000640.KS) and Dong-A ST (170900.KS) will also proceed with additional common share listings. Dong-A ST is a pharmaceutical manufacturer listed on the KOSPI market.
Overall, this week continues with SPAC and small-to-mid cap KOSDAQ IPO subscriptions and additional listings without major IPOs. Analysts suggest that market supply and demand may be affected more by existing share releases than new capital inflows.