Sunjin Beauty prices IPO at top end, becoming third most popular Kosdaq IPO

South Korean cosmetics raw material maker Sunjin Beauty Science priced its initial public offering at 11,500 won ($10.5), or the top end of its target band upon receiving 1,431 overwhelmed subscriptions from institutional investors.

The Korean company said Thursday its bookbuilding session was 1,431 times oversubscribed by 1,507 institutions, making it Korea’s third-most popular IPO on the junior Kosdaq.

Institutional demand was just short of that of Kakao Games, which was 1,478 times oversubscribed, and Point Mobile, which was 1,447 times oversubscribed.

Public subscription will be from Jan. 18 to 19. Trading is scheduled for Jan. 27. Shinhan Investment and Samsung Securities are joint bookrunners.

“We will continue to lead the cosmetics industry after going public and make efforts to deliver increased value for our shareholders,” said Lee Sung-hoo, chief executive of Sunjin.

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