Dozn's stock is strong on the 24th, the first day of its listing on the KOSDAQ market.
As of 9:16 a.m. on that day, Dozn is trading at 10,600 won, up 17.78% (1,600 won) from the offering price (9,000 won). It even traded at 11,500 won after opening, a 27.78% (2,500 won) increase.
Dozn is a fintech corporation engaged in a financial value-added network (VAN) business. It has quickly established a financial network using server redundancy technology and secured clients. The fact that Kakao holds a 2nd largest stake (8.41%) has also drawn significant investor interest.
Dozn recorded a competition ratio of 461 to 1 in the demand forecast for institutional investors conducted from the 28th of last month to the 7th of this month before its listing. A total of 1,366 domestic and foreign institutions participated. However, the offering price was confirmed at 9,000 won, falling short of the hoped-for range of 10,500 to 12,500 won.
The general investor subscription for public offerings held over two days on the 12th and 13th of this month showed a competition ratio of 222 to 1. A total of 624.4 billion won was collected as subscription deposits.
Dozn plans to use the funds secured from this public offering to expand its global business. It aims to invest in its subsidiaries in Singapore and Indonesia, and plans to pursue mergers and acquisitions (M&A) targeting corporations with funds management solutions and platforms.