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[Alpha Biz=(Chicago) Reporter Kim Jisun] Daishin Securities and Cornerstone Investment Partners have hit the jackpot with pre-IPO investment (equity investment before listing).

This is the result of investing in Raontech, which has ultra-small display technology. Investment in corporate value (EV) of 52 billion won and exit (recovered) with value of 240 billion won in the KOSDAQ market. Simple returns reached 430% and internal returns (IRR) reached 227%.

According to the investment banking (IB) industry on the 7th, the Daishin-Cornerstone No. 1 union recently succeeded in liquidation after investing 4.3 billion won in Raontech's pre-IPO  in November 2021. It invested in 2,400 won per share and exited at 8,000 won, more than three times.

The Union's rate of return is 110% based on IRR. Among union investors (LPs), IBK Industrial Bank is an anchor (core) investor. In addition, Daishin Securities Co. and Cornerstone Investment Partners Co., which have been in charge of the management company (GP). Daishin Securities and Cornerstone Investment Partners saw their IRRs rise sharply thanks to performance compensation when they hit the jackpot.

Raontech is the only display fabless (design company) in Korea established in October 2009. After more than a decade of research and development, LCoS, micro OLED and micro LED technologies, which are key components of extended reality (XR) devices, have been secured.

Raontech has a history of delivering to more than 200 global customers, including Lenovo and Amazon. It was selected as the next-generation world-class product in November last year in recognition of its technological competitiveness by launching the minimum-size high-definition panel (8.5㎜×8.7㎜).

An IB industry source said, "Raontech succeeded in initial public offering (IPO) through special technology listing. Cashflow was not expected immediately, but investors valued the future value highly."

 

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