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[Apha Biz=(Chicago) Reporter Paul Lee] Eco-Promaterials, which is set to be listed on the stock market, has lowered its proper corporate value.
According to the Financial Supervisory Service's electronic disclosure system on the 13th, Eco-Promaterials revised its securities report the previous day. Eco-Promaterials lowered its EV/EBITDA (Enterprise Value to Pre-Amortization Operating Profit) index, which was applied to calculate the desired public offering price, from 76 times to 67.5 times. As EV/EBITDA was revised downward, the weekly valuation also decreased by 8% from 53,477 won to 49,360 won.
The top of the band was also lowered by 2,000 won from 46,000 won to 44,000 won. As a result, the total amount of public offering was up to 636.94 billion won, down 28.956 billion won from the previous securities report (665.896 billion won). The bottom of the band (36,200 won) and the number of newly issued shares (14,476,000 shares) were maintained.
Eco-Promaterials' downward revision of the offering price is attributed to the recent drop in shares of POSCO Future M and L&F, which it suggested as comparison companies. POSCO FutureM rose to 694,000 won on July 31, but closed the deal at 348,000 won on the same day. L&F also saw its market capitalization fall from up to KRW 10 trillion to KRW 6 trillion during the period.
Eco-Promaterials will offer a two-day subscription for general investors from the 30th to the 3rd of next month and from the 8th to the 9th of next month.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
