Melcon and Jincostec, both set to enter the KOSDAQ market on the 15th, have recorded final institutional lock-up rates in the 70% range. However, the proportion of shares available for trading immediately after listing shows a nearly twofold difference between the two companies. Analysts suggest that even with similar institutional lock-up rates, the initial supply conditions can vary based on the existing shareholders' lock-up structures and the duration of the lock-up period.
According to data from the Financial Supervisory Service's electronic disclosure system on the 13th, Melcon's final institutional lock-up rate stands at 73.94%, while Jincostec's is at 72.75%, reflecting a mere 1.19 percentage point difference.
However, when excluding the final institutional lock-up shares from the available shares listed in the investment prospectus, Melcon's available shares immediately after listing are estimated at 2,997,311 shares, accounting for 23.79% of the total shares scheduled for listing. In contrast, Jincostec has 1,747,996 shares available, which amounts to 46.16%. This means Jincostec's liquidity ratio is approximately 1.94 times that of Melcon. It is important to note that this is an estimate based on disclosed data and may change according to the final lock-up registration status.
There are also notable differences in the composition of lock-up periods. Among the allocated shares for institutions, Melcon has the highest lock-up proportion of 41.31% for the 15-day period, while Jincostec's largest lock-up proportion is 35.8% for the three-month period. Particularly, the proportion of long-term lock-ups exceeding three months shows a significant difference: Melcon at 18.61% and Jincostec at 49.5%, a gap of about 30.9 percentage points.
As a result, Melcon could see approximately 750,000 shares become available for trading at the end of the 15-day lock-up period. In comparison, Jincostec's potential release during the same period is about 90,000 shares. The lock-up period for existing shareholders also varies, with Melcon applying a 30-month lock-up for some shares held by major shareholders and related parties, while Jincostec has a one-year lock-up for shares held by major shareholders.
The competition rate for general subscriptions also shows a disparity, with Melcon at 1,741.48 to 1 and Jincostec at 685.83 to 1. Subscription deposits were approximately 6.7 trillion won for Melcon and 1.7165 trillion won for Jincostec. While the institutional demand forecast competition rates were similar at 1,136.84 to 1 for Melcon and 1,097.62 to 1 for Jincostec, the performance of individual investors and the potential trading volume post-listing exhibited different trends.
An industry insider noted, "Even with similar institutional lock-up rates, the initial supply conditions post-listing can differ based on the lock-up period and the volume of shares held by existing shareholders. It is essential to consider not just the subscription competition rates but also the actual available shares and the timing of lock-up releases."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.