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Hanpass sets IPO price at top end of range at 19,000 won after strong bookbuilding

Hanpass set its initial public offering price at the top end of its indicated range, 19,000 won, after drawing strong demand from institutional investors. The company said 2,229 domestic and overseas institutions took part in bookbuilding from March 6 to 12, posting a competition rate of 1,172.59 to 1. It expects to raise about 20.9 billion won and have an estimated market value of about 200 billion won after listing.