This year, MNC Solution is regarded as the last major player in the initial public offering (IPO) market, with its stock price falling below the offering price on the first day of trading on the KOSPI market.
MNC Solution's stock was traded at 55,000 won on the KOSPI market at 9:23 a.m. on the 16th. This is 15.38% (10,000 won) lower than the offering price (65,000 won). MNC Solution's stock opened the day at 58,000 won, remaining below the offering price. During trading, it even dropped to 53,200 won.
MNC Solution faced a lackluster performance from the IPO process amid "overvaluation controversies." When the competition ratio for demand forecasting for institutional investors was only 8.18 to 1, MNC Solution set the offering price at 65,000 won, which is 19% lower than the lower end of the hoped offering price range (band: 80,000 to 93,300 won). However, the overall competition ratio for subscriptions from general investors also amounted to only 2.4 to 1.
MNC Solution was established through the spin-off of the defense business sector of the former Doosan Group affiliate Motroll. It is supplying turret drive systems and other components based on hydraulic motor technology. MNC Solution's drive systems are also used in K9 self-propelled howitzers.