Despite the decisive importance of the existence of "private information indicators" in testing the "dynamic information acquisition hypothesis," it is difficult to find prior studies, either domestically or internationally, that have directly utilized private information indicators in empirical research. This is because it is difficult to observe the "private information indicators" that lead underwriters collect from investors during the bookbuilding process. Consequently, most empirical studies have used the offer price adjustment rate during the bookbuilding period itself as a proxy for private information. This paper collected data including the quantity-weighted average of prices submitted by participants and the oversubscription rate at or above the final offer price, constructed indicator data for information produced during the bookbuilding process, and used these indicators to empirically analyze the information production function and the compensation mechanism of Korea's bookbuilding process. The analysis results showed that the offer price adjustment rate during the bookbuilding period had a statistically significant relationship with information obtained during the bookbuilding process. However, its explanatory power for IPO returns was unclear. For the recent period in which lead underwriters' discretion has been expanded, the variable that showed robust statistical significance regardless of the inclusion of control variables—for both the offer price adjustment rate during the bookbuilding period and IPO returns—was the public information variable. These empirical results raise questions about the applicability of the "dynamic information acquisition hypothesis" to the Korean IPO market.