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[Alpha Biz=(Chicago) Reporter Kim Jisun] KB No. 24 SPAC (SPAC· Corporation Special Purpose Acquisition Company) withdrew its listing again due to sluggish demand forecasts.
According to the investment banking (IB) industry on the 19th, KB SPAC 24 submitted a withdrawal report to the Financial Supervisory Service. The decision was made a day before the subscription scheduled for the 19th.
"We conducted a demand forecast to confirm the final initial public offering, but we decided to postpone the public offering later, including the conditions of the recent public offering market," KB SPAC 24 said. "There were no investor protection problems without allocating shares to institutional investors who participated in the demand forecast."
KB SPAC 24 gave up its listing because institutional investors were not participating in the demand forecast conducted from the 13th to the 14th. In early March, KB SPAC 24 withdrew its listing four days before its subscription due to sluggish demand forecasts. KB SPAC 24 re-challenged the listing in three months, reducing the size of the public offering from 40 billion won to 32 billion won, but again suffered a setback.
SPAC is a kind of paper company established with the sole purpose of mergers and acquisitions (M＆A). It will merge with KOSPI or unlisted companies that want to enter KOSDAQ to help them make a detour listing. Even if the merger did not succeed within a certain period of time, it gained huge popularity last year when stock market volatility was high thanks to the stability of returning the principal to investors.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
