(provided by One Store)

One Store, which was said to be an ‘IPO big deal’, “Stops the listing process after careful consideration”

(provided by One Store)

On May 11, the local app market One Store, which was considered one of the ‘big fish’ in IPO, finally chose to suspend the listing process. This is due to the sluggish performance of the institutional investor demand forecast conducted on the 9th and 10th.

According to the investment banking industry on May 10, One Store, a subsidiary of SK Square, predicted demand for institutional investors by 5 pm on the 10th, but failed in the box office. It is known that there were not many organizations participating in the demand forecasting, and the price offered by the organizations did not meet expectations. OneStore conducted an institutional demand forecast for 4995,000 shares, equivalent to 75% of the total public offering stock, for two days on the 9th and 10th, and set the desired IPO price band from 34,300 won to 41,700 won.

Initially, OneStore was not free from controversy over overvaluation after the IPO plan was announced. Apple, Alphabet, and Korea’s Kakao were selected as comparative companies in the first submitted securities declaration and criticized for ‘bouncing’ the value of One Store. Later, the comparison companies were corrected with Tencent, Naver, Nexon, and Kakao, but even after that, the public offering band remained the same, and the high valuation issue could not be completely resolved.

In the end, it was reported that most institutions offered a price lower than the lower end of the band or lower than the lower end of the public offering for institutional investors. During the demand forecast period, domestic and foreign stock markets plunged, which had a negative impact on investment sentiment, and the withdrawal of SK Shielders from its listing on May 6th, which was evaluated as another major IPO as a subsidiary of SK Square, was also significant.

Until the morning of the 11th, it was reported that OneStore had considered ‘the direction of promoting listing by lowering the offering price’ rather than withdrawing from listing. The offering price was expected to change from a minimum of 25,000 won to a maximum of 28,000 won. One Store has always expressed its will to go public, saying that it has nothing to do with SK Shielders, and included the calculation that the IPO price should be lowered for the subsequent listing of the remaining SK Square affiliates.

However, according to investment banking industry sources on the afternoon of the same day, OneStore decided to withdraw from listing after careful consideration. It seems that they have decided to suspend the listing procedure first, as it is judged that pushing the public offering in the mid-20,000s will do more harm than good. Like SK Shielders, One Store is known to delay listing until the tight market situation is resolved and its corporate value is properly evaluated.

On the other hand, following SK Shielders, One Store withdrew its listing, and SK Square and the entire SK Group’s IPOs are expected to shrink significantly. SK Group plans to list more than 10 unlisted affiliates in turn, including 11st, Content Wave, Tmap Mobility, and SK Broadband.

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