CarrieSoft to raise W8.2b in 2nd IPO attempt
South Korean kids contents and intellectual properties company CarrieSoft seeks to raise 8.2 billion won ($6.9 million) in its second initial public offering attempt before listing on Kosdaq, the startup said on Oct. 17.
The news comes as a result of oversubscription by institutional investors in a tranche that wrapped up Oct. 15. Seoul-based CarrieSoft’s shares were 924.8 times subscribed by institutional investors.
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While the institutional tranche ended at the upper end of the marketed range -- at 9,000 won per share -- money raised in the second IPO attempt will be significantly lower than in Its earlier IPO plan to raise up to 19 billion won, which CarrieSoft withdrew in August due to unfavorable market sentiment.
The new investment -- from institutional and retail investors -- will go to 910,000 newly issued shares in an IPO underwritten by Mirae Asset Daewoo. The IPO’s retail investor tranche will take place Oct. 21-22. At the moment of the listing on Kosdaq Oct. 29, CarrieSoft’s market cap is expected to stand at some 51.9 billion won.
CarrieSoft said it would use the IPO proceeds to create studios for contents, manage stage performances and enhance logistics center.
CarrieSoft is dedicated to educational contents for kids that feature characters including Carrie and sells intellectual property rights and goods related to the characters. Sales in 2018 came to 10 billion won, while its net loss reached 2.2 billion won.
By Son Ji-hyoung (email@example.com)