Bigwave Robotics fixes its price a day before Brills closes its institutional book

Bigwave Robotics announces its final offering price on the 14th, and Brills keeps its institutional book open until the 15th ^[5][11][19]. Fund managers writing orders for Brills get one number their Bigwave counterparts did not have. Brills is asking 16,500 to 19,500 won a share ^[11]. That floor sits 10 percent above Bigwave's 15,000 and that ceiling 8.3 percent above Bigwave's 18,000 ^[16].

Only one price in the week is settled. Wiseplanet, a media commerce firm managed by Daishin Securities, priced at 12,000 won, the top of a 10,000 to 12,000 indicative range and 20 percent above the floor ^[2][15]. Wiseplanet sells filtered showerheads under Dr. PL, bedding under Nujam and cosmetics under Irenol, and handles planning through to sales itself ^[3].

The retail calendar puts three subscriptions open on the 16th: Bigwave, Global Technology and Duksan Neolux Corps. Three are open again on the 17th: Global Technology, Duksan Neolux and Brills ^[17]. Two of the five retail deals are robot automation companies ^[21], and they never share a retail day: Bigwave takes orders on the 15th and 16th, Brills on the 17th and 18th ^[18]. Sedaily reports that how investor demand splits between the two is drawing attention ^[12].

Duksan Neolux Corps makes satellite navigation devices and anti-jamming equipment that blocks radio interference ^[8]. It is the first company to clear Korea Exchange listing review since the government introduced a policy restricting, in principle, the dual listing of subsidiaries. As a subsidiary of Duksan Hi-Metal, it met the exemption requirements by securing the consent of its parent's shareholders ^[9]. Its institutional book runs through the 14th and its price is set on the 15th, the same day Global Technology sets its own from a 13,000 to 15,000 range ^[10][7][22].

In my view this is one price test with four offerings attached to it. Bigwave adjusted its offering structure and price range several times while preparing to list ^[5], and its band is 20 percent wide from floor to top ^[20]. A print at 18,000 says the reworking found the level. A print at 15,000 says institutions are still not there. The counter-read is that Wiseplanet cleared at the top of its band in the same week ^[2], which argues the crowded calendar is not by itself pushing prices down. The report does not include offering sizes or share counts for any of the seven companies ^[23], so the won amount retail investors are being asked to fund cannot be computed from it.

The queue runs past the 18th. Gincostec, moving from Konex to the KOSDAQ with cosmetics materials and finished products, has proposed 19,500 to 23,500 won with Hana Securities as lead ^[13]. Semiconductor equipment maker Melcon has proposed 10,700 to 12,300 won with Daishin Securities ^[14], and both take institutional orders from the 16th to the 22nd before retail subscriptions next month.