The first day of the public subscription for MS Bio's IPO targeting retail investors concluded around 4 p.m. on the 12th. Having recorded a high competition ratio in the institutional investor demand forecast, attention is focused on whether investor interest will continue into the retail subscription.

The subscription, conducted through KB Securities, recorded 106,172 subscriptions on its first day. Accordingly, the number of shares allocated on an equal basis at the minimum subscription amount is 4.71 shares, and the proportional competition ratio was tallied at 27.85 to 1.

■ Institutional Demand Forecast at 1,096.56 to 1... Will It Carry Over to the Retail Subscription?

MS Bio previously recorded a competition ratio of 1,096.56 to 1 in the demand forecast conducted for institutional investors. Whether the interest shown in the institutional demand forecast will carry over to the retail investor subscription is one of the key points of interest in this offering.

In particular, with the first day of the subscription now closed, all eyes are on the scale of investor participation and changes in the competition ratio on the second day. The expected number of shares allocated on an equal basis may vary depending on the final number of subscriptions, and the proportional competition ratio will also be affected by additional subscription volumes. However, since the competition ratio of the institutional investor demand forecast and that of the retail subscription are different indicators, it is necessary to confirm the final subscription results.

■ Equal Allocation vs. Proportional Allocation... The Differences

In an IPO subscription, equal allocation is a method of distributing the allotted shares among participating investors, with actual allocation results varying based on the total number of subscriptions and the volume of shares set aside for equal allocation. Proportional allocation distributes shares according to the size of the subscription deposit, so as the competition ratio rises, the subscription burden of securing the desired quantity may also increase.

■ A Company Producing Medical Products Based on Human Tissue and Biomaterials

According to the regulatory filing, MS Bio's main business is the research and development, manufacturing, and sale of medical products based on human tissue and biomaterials.

Attention is focused on what level the final competition ratio and allocation size will reach on the second day of the subscription on the 13th.

[※ This article is intended to convey market trends and is not intended to recommend investment in any specific stock.]