Korchip sets IPO price above expected range

South Korea's micro secondary battery manufacturer Korchip set its IPO price at 18,000 won ($13.15), exceeding the upper end of the expected range (11,000-14,000 won) based on book building from domestic and foreign institutional investors.

A total of 2,207 domestic and foreign institutions participated in the demand forecasting, conducted from April 15 to 19, resulting in a competition ratio of 988.32 to 1.

About 99.73% of the participating institutions suggested a price above the upper end of the IPO range.

The total IPO amount is 27 billion won, and the market capitalization after listing is expected to be around 153 billion won.

Founded in 1994, Korchip specializes in manufacturing ultra-small secondary batteries, including carbon-based chipcell and lithium-based chipcell lithium, utilized across various upstream industries.

The general public subscription is scheduled for April 24 to 25, with the listing on the Kosdaq market on May 7.

Write to Cho Ah La at rrang123@hankyung.com