What is book-building in a Korean IPO?

The lead underwriter gives institutions an indicative price range and collects bids with price and quantity. The result sets the final offer price and institutional allocations.

Does strong demand mean the stock will rise?

No. A high demand ratio means institutions bid heavily, nothing more. The share of bids that came with lock-up commitments, and the float available at listing, matter at least as much.

Where is the result published?

In the finalized registration statement or the prospectus on DART, which gives the demand ratio and where the price landed in the range.

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Book-building (수요예측)

Before pricing an IPO, underwriters collect the prices and quantities institutions are willing to buy at.
Also known as: Institutional demand forecast

What it is

The lead underwriter gives institutions an indicative price range and asks for bids with price and quantity. The result sets the offer price and institutional allocations.

Reading the result

Strong oversubscription with bids at or above the top of the range usually leads to a higher final price. The final price and demand ratio appear in the finalized registration statement or prospectus.

What to keep in mind

High demand does not guarantee post-listing gains. Look at the share of institutional bids with lock-up commitments too.

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This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.

Book-building (수요예측): questions

What is book-building in a Korean IPO?: The lead underwriter gives institutions an indicative price range and collects bids with price and quantity. The result sets the final offer price and institutional allocations.
Does strong demand mean the stock will rise?: No. A high demand ratio means institutions bid heavily, nothing more. The share of bids that came with lock-up commitments, and the float available at listing, matter at least as much.
Where is the result published?: In the finalized registration statement or the prospectus on DART, which gives the demand ratio and where the price landed in the range.