The public subscription for unsubscribed shares from HLB Pharmaceutical's rights offering to shareholders closes on the 16th. As the unsubscribed shares remaining after existing shareholders' subscription are passed on to general investors, attention is focused on the final subscription competition rate and the actual allocated volume.

■ Subscription Schedule and Method at a Glance According to the public offering guide for unsubscribed shares released by Korea Investment & Securities on the 16th, HLB Pharmaceutical conducted its rights offering subscription for existing shareholders from the 10th to the 11th. This rights offering follows the method of a public offering for unsubscribed shares after shareholder allocation. Once the general public subscription closes on the 16th, the allocation announcement and refunds are scheduled for the 18th. The payment date for the rights offering is also the 18th, and the new shares are scheduled to be listed on October 7.

■ Issue Price of 5,650 Won... Difference with Share Price Is Key For investors, the key factor is the price gap between the issue price of 5,650 won and HLB Pharmaceutical's share price. For unsubscribed share subscriptions, when the market price is higher than the offering price, that price difference can serve as a factor attracting subscription demand. However, investors must also consider that the share price can fluctuate between the subscription and the new share listing date, and the actual rate of return cannot be determined solely by the difference between the current share price and the issue price.

■ Competition Rate Is the Variable Determining Allocation Volume Unlike general IPO subscriptions, unsubscribed share subscriptions target the unsubscribed volume generated during the rights offering process of already listed shares. Therefore, it is necessary to examine not only the subscription competition rate but also the share price level relative to the issue price, the increase in floating shares due to the new share listing, and the possibility of equity dilution. With the subscription deadline approaching, how high the final competition rate will rise is the variable that will determine the number of allocated shares. The higher the competition rate, the fewer shares may actually be allocated even if the same amount is subscribed.

[Subscriptions for unsubscribed shares carry the risk of losses due to share price fluctuations and new share listings, and the difference between the issue price and the current share price does not guarantee profit. This article is not a recommendation to invest in any specific stock, and the final decision on investment and the responsibility for it rest with the investor. AI provided partial assistance in the writing of this article.]