Wire manufacturer Kistron is showing strength in early trading on the KOSDAQ on the 2nd, its first day of listing.
As of 9:10 a.m. on that day, Kistron was trading at 10,360 won, an increase of 6,760 won (187.78%) compared to the offering price of 3,600 won. In early trading, it surged to 10,800 won, successfully achieving "double" the offering price.
Kistron recorded a competition ratio of 1,140.95 to 1 during the demand forecast for institutional investors held from the 12th to the 16th of last month. A total of 2,311 domestic and foreign institutions participated, and the offering price was set at 3,600 won, the upper limit of the desired range (3,100 to 3,600 won).
During the subscription for general investors held on the 22nd and 23rd of last month, a competition ratio of 2,166 to 1 was observed. About 6.14 trillion won was collected as subscription margin.
Established in 1992, Kistron is a subsidiary of KISWIRE and engages in the production of wire for cables, solar power generation, and leasing business. Last year, Kistron's revenue amounted to 69 billion won, a 23% increase compared to the previous year, with an operating profit of 5.9 billion won and a net profit of 8.8 billion won, which rose by 267% compared to the previous year.
The company plans to use the funds raised from this listing to expand production capacity for high-purity aluminum and alloy products and for research and development (R&D) for new business.