(Provided by SK Shielders)

SK Shielders withdraws from listing due to sluggish demand… Decision to re-launch in the future

(Provided by SK Shielders)

SK Shielders, which was scheduled to be listed on the 19th of this month, announced its withdrawal from listing and submitted a notification of withdrawal of IPO (initial public offering) to the Financial Supervisory Service.

SK Shielders aimed to go public on May 19, two weeks later on the 6th, but on the same day, “Investment sentiment sharply contracted due to deepening uncertainty in the global macro economy.” We have decided to review the implementation,” he said.

SK Shielders, which was launched as a subsidiary of SK Square as cyber security company ‘SK Infosec’ absorbed and merged with physical security company ‘ADT Caps’, submitted a securities declaration for IPO in March. SK Shielders is engaged in businesses such as physical security, cyber security, and convergence security.

The withdrawal of SK Shielders’ listing is believed to be due to sluggish institutional demand. It is said that SK Shielders showed a 200-300 to 1 level of competition in the demand forecast conducted for institutional investors on the last 3-4 days. The demand forecasting competition ratio of LG Energy Solutions is very low compared to 2023:1, and the average competition ratio of public offering stocks (excluding specs and REITs) in the first quarter of this year was 963:1. The high share of old stock sales was also a problem. Of the 2,710,084 shares in the total public offering, the proportion of old shares sold was 12,64,639 shares, or 46.7%.

Meanwhile, concerns were raised about SK Shielders’ high IPO price. At the time of the announcement of the listing plan, SK Shielders proposed an offering price range of 31,000 won to 38,800 won, and drew attention as a large security company with a market capitalization of up to 3.5 trillion won. However, this was evaluated as excessive due to its market capitalization, which was measured to be about 1 trillion won higher than that of S1, the No. 1 physical security company in Korea. S1 achieved sales of about 1 trillion won higher than last year’s SK Shielders.

Hyundai Engineering, which carried out demand forecasting to calculate the public offering price in January, also stopped the IPO after failing to predict the demand because the public offering price was set higher than investors’ standards.

SK Shielders is symbolic in that it was the IPO of SK Square’s first subsidiary. Since then, other subsidiaries such as One Store and 11st are preparing for listing. An SK Shielders official said, “We will watch the market recover in a situation where a big step is predicted and make a strategic decision.”

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