On the 3rd, Samyang NC Chem, a secondary battery corporation that entered the KOSDAQ market, is being traded at a level higher than its offering price on the first day of listing. The initial price formed at a level above the offering price, causing the stock to rise nearly 50% compared to the offering price in the early trading.
As of 10 a.m. on the 3rd, Samyang NC Chem stocks are being traded at around 20,000 won. This represents an increase of about 10% from the offering price of 18,000 won. The stock price of Samyang NC Chem initially exceeded the offering price by 31.38% (5,650 won) since the opening price of 23,650 won, reaching as high as 26,800 won, which is 48.88% (8,800 won) higher than the offering price shortly after the market opened.
Samyang NC Chem recorded solid performance starting from the initial public offering (IPO) process.
From the demand forecasting targeting institutional investors that took place from the 6th to the 10th of last month, Samyang NC Chem recorded a competition rate of 1,242 to 1. Among them, about 96% of institutional investors proposed prices above the upper end of the desired offering price. The offering price was confirmed at 18,000 won, the upper end of the desired band.
The subsequent public subscription targeting general investors recorded a competition rate of 1,281 to 1. The subscription deposit amounted to approximately 3.1737 trillion won.
Samyang NC Chem plans to use all the funds secured from the IPO for repaying the borrowing fund to enhance its financial soundness.