Korea¡¯s font foundry Sandoll to raise $19.7mn after finalizing IPO at top end

[Images captured from Sandoll company website]

South Korea¡¯s first and leading font foundry Sandoll that has Samsung Electronics and Hyundai Card as its major clients will raise 28 billion won ($19.7 million) from its share sale after it successfully priced its initial public offering (IPO) shares at the top end of its targeted price band.

The company on Monday announced in a regulatory filing that its IPO stock price was set at 18,800 won, the top end of its desired band of between 16,000 won and 18,800 won, during its book-building session where 626 institutional investors participated. In a 462.19:1 competition, 96.3 percent of total participants offered the top end or higher price, according to Sandoll.

As Sandoll is seeking to sell 1,490,000 shares, it is expected to raise 28 billion won from its IPO.

Its shares will be listed on the Kosdaq on Oct. 27 after public subscription for two days from Tuesday and Wednesday.

Sandoll, founded in 1984, is the first font foundry in Korea and has since led the domestic font foundry market. It develops various fonts and provides its services to companies through its platform. It developed fonts for major domestic firms, such as Hyundai Card, Baedal Minjok, and Samsung Electrics.

The firm holds world-class capabilities in font production and services. As corporations have increasingly used fonts as essential branding vehicles, Sandoll has enhanced its position in the market.

Sandoll plans to use its IPO proceeds to enhance digital content and platform capabilities. It also seeks to expand its overseas business by acquiring a global font maker. It has recently launched a platform for content creators as part of its business diversification plan.

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