[This Week's IPO] Bookbuilding and Subscription Schedule for the Third Week of November
In the third week of November, KMF, ANH Structure, and Enki WhiteHat will conduct bookbuilding for institutional investors. UCAST and SFC are preparing for their retail subscription offerings.
<Bookbuilding>
◆KMF= KMF is a venture company founded by a professor at Keimyung University. Since its establishment in 2002, it has developed and produced functional foods and biomaterials based on fermentation and enzyme technologies. Starting with the development of materials such as low-molecular-weight proteins, enzyme foods, and kombucha ingredients, the company has led their commercialization, driving sales to major customers.
The company plans to offer a total of 2 million shares, with an indicative price range of 15,000 to 17,800 won per share. The offering is expected to raise a total of 30 billion to 35.6 billion won. It plans to list on the KOSDAQ market after bookbuilding for institutional investors from November 16 to 20 and a retail subscription on November 24 and 25. IBK Investment & Securities is the lead underwriter.
◆ANH Structure= Since its establishment in 2013, ANH Structure has expanded its business based on aircraft structural design and composite-material manufacturing technologies. It has begun securing a sustainable growth engine through a two-track strategy: defense, centered on unmanned aerial vehicles, and civilian aviation, centered on cabin solutions. It is also expanding its pipeline to include the commercialization of space launch vehicles and small satellite development.
The company plans to offer a total of 2.1 million shares. The indicative price range is 11,200 to 13,600 won per share, implying expected proceeds of approximately 23.5 billion to 28.6 billion won. It aims to list on the KOSDAQ market by the end of 2026, following bookbuilding for institutional investors from November 19 to 25 and a retail subscription from November 27 to 30. NH Investment & Securities is the lead underwriter.
◆Enki WhiteHat= Founded in 2016, Enki WhiteHat is an offensive security company that proactively identifies security vulnerabilities in businesses from an attacker's perspective and verifies the possibility of actual breaches. The company has expanded its business by embedding in its own solutions the hands-on experience of expert hackers, including award winners at DEF CON and AIxCC and researchers from KAIST, along with a database of approximately 270,000 pieces of hacker knowledge.
The company plans to offer a total of 1.7 million shares, with an indicative price range of 13,000 to 16,500 won per share. The offering is expected to raise a total of 22.1 billion to 28 billion won. Bookbuilding for institutional investors will take place from November 20 to 26, followed by a two-day retail subscription on December 1 and 2. Shinyoung Securities is the lead underwriter.
<Retail Subscription>
◆UCAST= The indicative price range is 19,000 to 23,000 won per share. Bookbuilding for institutional investors ran through November 13, and the retail subscription will take place on November 18 and 19. Eugene Investment & Securities is the lead underwriter.
Founded in 2011, UCAST is a wireless communications solutions company that develops its own equipment and systems for 4G and 5G mobile communications and provides services ranging from network deployment to operation. In particular, its proprietary solution integrates the core functions of base stations and communications networks, enabling the company to build standalone networks optimized for each customer's environment.
◆SFC= The indicative price range is 31,600 to 36,100 won per share, with the offering expected to raise a total of 158 billion to 180.5 billion won. Bookbuilding for institutional investors ran through November 13. After the final offering price is set, the retail subscription is scheduled for November 18 and 19. Mirae Asset Securities is the lead underwriter.
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SFC is a key materials company supplying materials used in OLED emitting layers. It develops and mass-produces both of its main products, blue hosts and dopants, in-house. Drawing on more than 20 years of accumulated research and development capabilities, SFC has brought every stage of the process in-house, from molecular design and synthesis to purification, analysis, and mass production.
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