PisPis Studio Sees 1,194-to-1 General Subscription Competition, Attracts 7.28 Trillion Won in Deposits

PisPis Studio achieved a successful initial public offering (IPO) for general investors, recording a subscription competition ratio of 1,194.94 to 1.

The company announced on the 27th that, during the two-day public subscription period for general investors held from the 26th to the 27th, a total of 67,721,116 shares were applied for against the planned offering of 568,160 shares. The total number of subscription applications was 418,078. This figure is a provisional sum that does not exclude overlapping applications from individual investors.

The subscription was carried out through Mirae Asset Securities and NH Investment & Securities, and attracted approximately 7.28 trillion won in subscription deposits. The market has evaluated that, following strong institutional demand forecasting, the successful response from general investors further demonstrates the high level of interest in the IPO.

Previously, during the institutional investor demand forecasting period from the 14th to the 20th, a total of 2,329 domestic and international institutions participated, yielding a competition ratio of 847.76 to 1. 97.7% of participating institutions (including those that did not specify a price) submitted bids at or above the top end of the proposed price range, and the final public offering price was set at 21,500 won, the upper end of the price band.

PisPis Studio launched the fashion brand Mardi Mercredi in 2018 and has since grown based on its own graphic IPs such as "Flower Mardi." The company is recognized for securing original IP competitiveness without relying on external IP, establishing itself as a leading K-fashion brand within seven years of its launch.

In particular, the company successfully transitioned to a D2C (Direct-to-Consumer) strategy centered around its own online store, increasing sales through its proprietary channels from 5.8% in 2021 to a projected 64.7% in 2025. PisPis Studio also expanded its distribution network to nine Asian countries, including Japan and Southeast Asia, thereby proving its brand competitiveness in overseas markets. In April this year, the company completed the establishment of a local subsidiary in China, paving the way for a direct entry system into the Chinese market.

An official from the IPO underwriters commented, "The global brand power of Mardi Mercredi and its unrivaled IP competitiveness were positively evaluated, leading to strong participation from general investors. This subscription result once again demonstrates the growth potential and market competitiveness of PisPis Studio."

PisPis Studio plans to use the funds raised through this IPO to expand its global market presence, centered on China, acquire new fashion IPs and brands, and develop new beauty and lifestyle categories. In particular, given the company's shift from a licensing model to a direct entry system in China, the strategy is to accelerate the expansion of online and offline distribution networks and internalize its profit structure in the Chinese market.

Co-CEOs Park Hwamok and Seo Seungwan stated, "We deeply appreciate the interest and support from both institutional and general investors. After the listing, we will further expand our IP-based brands and accelerate our direct entry strategy into China, establishing ourselves as a company that continues to grow in the global market."

Meanwhile, PisPis Studio is scheduled to complete payment procedures on May 29 and will be listed on the KOSDAQ market on June 8.

This content was produced with the assistance of AI translation services.