한국의 IPO 초과배정옵션
IPO Overallotment Option in Korea With Focus on Measures to Activate IPO Overallotment Option
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초록
IPO 주관회사는 적정한 공모가의 산정뿐만 아니라 상장 후 주가의 안정을 통해 공모주 투자에따른 손실을 최소화할 수 있도록 사후적인 역할을 효과적으로 수행할 필요가 있다. 이를 위해 2002년국내에 도입된 IPO 초과배정옵션제도는 실제로 유명무실하게 운용되고 있는 실정이다. 제도의활성화를 위해서는 현행 IPO 초과배정옵션제도의 다각적인 검토와 원인 규명이 필요하다. 본 연구는시장조성활동의 활성화를 위한 정책적 방안을 강구하는 것에 초점을 둔다. 구체적으로 초과배정으로인해 발생한 순매도포지션의 해소를 위한 매수가격 결정방법, 공모주 수요예측 및 초과배정 방법, 초과배정 물량확보와 관련된 대안을 제안한다.
Abstract
It is expected that IPO underwriters engage in market stabilization to protect investors from volatile stock price movements post IPO. However, since the introduction of rules and regulations on IPO overallotment option in 2002, the establishment of IPO overallotment facility and the exercise of IPO overallotment option have never been popular in Korea. This study focuses on the background of why such issues emerge and aims to suggest the action plans. More specifically, this study further reviews why overallotment option is not active at all in Korea and identifies the issues in relation to the implementation of this option while aims to discuss various measures to remedy the problems. I expect these action plans will contribute to the activation of overallotment option which ultimately contributes to the enhancement of IPO price stabilization and investor protection.
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