국내 신규공모절차 및 관련 제도의 변화

Abstract

This study investigates Initial Public Offering (IPO) process and series of amendments to rules on IPO underwriting in Korea. Since April 1st, 1989, the rules of IPO underwriting on book-building process, price discovery process, offering method, and aftermarket support have been changed. Regarding book-building process, rules on book-building method, participants, disclosure of information have been amended. Financial supervisory institutions have developed valuation models to improve price discovery process. When underwriter does not establish a proper range of offer price, the demand schedule for the issue would be distorted and as a result the offering price would be mis-priced. Allowing underwriters to choose a price discovery process other than book-building process is a possible way to resolve the problem. Offering method also has been changed frequently. Other than employee stock ownership association, most of issuing shares are offered to institutional investors, partly because of aftermarket support. Underwriter have had the responsibility for keeping the price level of issued share above 80～90% of the offering price. Sometimes they offered put options to the investors. These obligations might lead them to offer less shares to individual investors as possible. Another way of aftermarket support is giving the underwriter greenshoe or overallotment option. But in practice it has been offered only less than 5% in Korea.