'New listing' Forbypo, the first day of listing 'Dasang'

‘New listing’ Forbypo, the first day of listing ‘Dasang’

On the KOSDAQ market on April 28, Metaverse company Forbyfor succeeded in ‘Dasang’ on the first day of listing. Dasang is an expression used to record the upper limit price after the opening price is twice the public offering price.

On the 28th, Forbypo set an opening price of 34,000 won, which is twice the initial public offering price of 17,000 won, on the KOSDAQ market, and then raised the price limit to 44,200 won and closed the market while reaching the upper limit.

It is evaluated that Forbypo’s disappointment was an expected result. For two days from April 19 to 20, 443,742 shares, which accounted for 25% of the total public offering volume, were successful, recording a competition ratio of 3763 to 1 in the general subscription for individual investors. This is the highest number since 2022 and the fourth highest in the history of public offerings. At that time, 14,194.7 billion won was collected in margin alone.

Prior to that, demand forecasting for institutional investors also recorded a competition ratio of 1846 to 1. Of the total institutions participating in the demand forecasting, 1,869 institutions (98.8%) submitted prices that exceeded the upper limit of the public offering band (the width between the desired lower price and the upper limit of the public offering price), and 24 institutions (1.2%) submitted the upper price. The expected price of the band for the public offering was 11,000 won to 14,000 won, but thanks to the demand forecasting performance, the public offering price was confirmed to be 17,000 won, which is higher than the top of the band.

The small amount of available distribution after listing also added strength to Forbypo’s popularity. After listing, Forbypo decided to minimize the amount that can be circulated and control the amount waiting for a large-scale sale. This is a measure to encourage investors to actively invest by controlling mass selling after listing. According to the securities declaration form, only 20.66% of Forbypo can be circulated after listing. Na Seung-doo, an analyst at SK Securities, said, “There is a high possibility that Forbyfor will become a turning point in the stagnant IPO market as only 20.7% of the stock is available for circulation immediately after listing, adding to its attractiveness as a sold-out stock.”

4 By Four has recently been expanding its Metaverse business with its super-high-definition and CG technology as its strength. In Korea, the company produces the most 8K content and more, and has an official cooperative relationship with display companies such as LG Electronics and Samsung Display. It is a format in which Forbyfor produces ultra-high-definition images transmitted by TVs made with Samsung and LG in electronics stores. As for the metaverse-related business, there is a virtual model ‘Lucy’ produced in collaboration with Lotte Home Shopping.

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