บริหารพอร์ต

Institutions without a dedicated IPO investment team

IPO investing runs on a tight calendar and involves a great deal of operational work, from bookbuilding and subscription to allocation and sale. The service suits institutions that need an asset manager to take on this process.

Institutions seeking to manage IPO-related investments in a separate account

Suited to institutions that wish to manage IPO shares and investments around listing in an account separate from their existing assets, and to track that performance on its own.

Institutions seeking management standards clearly defined by contract

Suited to institutions that wish to set out the investment scope, restrictions, and management policy in the agreement and expect consistent management within those terms.

Management as one continuous flow

From analysis of the offering company and bookbuilding to subscription, allocation and selling after listing, one investment organization makes decisions through the same process. The basis for decisions is not lost as the stages change.

Fair allocation

When orders for discretionary accounts are placed together and allocated, BNB's Pre-Allocation Regulation applies mutatis mutandis, and results are divided by account according to criteria set before the order. Allocation when the filled quantity falls short of the order is confirmed by the Compliance Officer.

Decisions that reflect changing rules

IPO allocation rules keep changing, with priority allocation for lock-up commitments and tighter eligibility for bookbuilding among recent examples. We reflect the revised standards when deciding whether to participate, what price to bid and whether to commit to a lock-up.

Risk management set by contract

We manage within the investment scope and restrictions set in the contract. Pre-Compliance screens out breaches of regulations and limits before trading, and a loss-cut principle limits how far losses on individual positions can grow.

Independent verification

The Compliance Officer, independent of the investment organization, also serves as Chief Risk Officer, and the Compliance Team cross-checks each stage before, at the time of, and after investment.

Accounts in your name and regular reporting

Discretionary assets remain in accounts in the client's name, and transactions and results are reported in the manner and at the intervals set in the contract. Transaction details can also be checked through the financial institution where the account is held.

Analysis of the Issuer

We assess corporate value and the appropriateness of the offering price on the basis of the registration statement, IR materials, and analysis of comparable companies.

Bookbuilding Participation

We decide on the bid price and quantity and participate in institutional bookbuilding. Whether to offer a lock-up commitment is also decided at this stage.

Subscription, Allocation and Payment

Once the offering price is set, we subscribe, receive the allocated shares, and make payment.

Trading After Listing

We decide when to sell according to scenarios set in advance, taking into account post-listing prices, supply and demand, and lock-up periods.

Linked Investments

Within the investment scope set out in the agreement, Pre-IPO and mezzanine-linked investments (CB, BW, etc.) and post-listing secondary-market trading may also be managed.

General subscribers

KOSPI 25% · KOSDAQ 25%

The portion allocated to individual and other general subscribers. This portion does not change when the cornerstone investor system takes effect.

Employee stock ownership associations

KOSPI 20% · KOSDAQ 0–20%

The portion allocated to the employee stock ownership association made up of the issuer's officers and employees.

High-yield funds

KOSPI 5% · KOSDAQ 10%

Policy funds that invest at least a set share of their assets in lower-rated bonds and similar instruments. Since July 2025, their separate allocation has applied only to shares placed under a lock-up commitment of at least 15 days.

KOSDAQ venture funds

KOSDAQ 30%

Funds that invest at least 50% of their assets in venture companies and related firms, given priority allocation in KOSDAQ IPOs only. As with high-yield funds, this applies only to shares placed under a lock-up commitment of at least 15 days.

Other institutional investors

KOSPI 50% · KOSDAQ 15–35%

The portion for asset managers, discretionary managers, pension funds and other institutions that take part in bookbuilding. At least a set share of the institutional allocation (40% from 2026) goes first to institutions that commit to a lock-up.