How is the offer price determined?

Under Korea Financial Investment Association regulations, the offer price is set by one of the following methods: (1) a single price agreed between the underwriter and the issuer; (2) a price agreed taking into account the results of book-building among institutional investors; or (3) and (4) auction (bidding) methods for institutional investors.

When the price is set through book-building, the lead managing underwriter must establish and follow internal standards on the pricing method and procedure, and if it sets the price differently, it must document the reasons.