POSCO FUTURE M, a corporation specializing in eco-friendly future materials, saw over 8 trillion won flood into its rights offering for unsubscribed shares. This amount is the largest ever for a rights offering subscription. Following the push for its rights offering, POSCO FUTURE M's stock price surged, suggesting that many investors were hoping for profits.
On the 25th, according to the financial investment industry, the competition ratio for POSCO FUTURE M's rights offering for unsubscribed shares was provisionally reported at 352 to 1. Considering that the issuance price for new shares in POSCO FUTURE M's rights offering is 96,400 won, this means that investors need to deposit around 34 million won to receive one share.
As a result, it is reported that the total subscription deposit reached 8.62 trillion won. This surpassed the underwriting amount for Hanwha Aerospace's rights offering, which was 2.7487 trillion won and marked the largest rights offering in history.
This is because the issuance price for the new shares in the rights offering is lower than the current stock price, allowing for the expectation of profits. The issuance price of POSCO FUTURE M's new shares (96,400 won) is 35.1% (52,200 won) cheaper than the closing price that day (148,600 won). If the stock price maintains its current level until the listing on Aug. 8 (with the record date on the 6th), investors can expect more than 30% in revenue.
Earlier, the subscription rate for the rights offering held by POSCO FUTURE M for existing shareholders and employee stock ownership associations also performed well at 97.7%.
Through this rights offering, POSCO FUTURE M plans to raise more than 1.1 trillion won and invest in production facilities for anode and cathode materials both domestically and internationally. Regarding the use of funds, POSCO FUTURE M stated, 'We will complete our ongoing investment projects to expand anode and cathode production capacity and ensure manufacturing competitiveness by establishing a value chain from raw materials to final product production.'