Biotechnology corporation PROTEINA recorded a stock price increase of over 70% on its first day of entering the KOSDAQ market.
PROTEINA shares were traded at 24,450 won on the KOSDAQ market at 9:10 a.m. on the 29th, up 74.64% (10,450 won) from the initial public offering price of 14,000 won.
PROTEINA is a corporation founded by Professor Yoon Tae-young of the Department of Life Sciences at Seoul National University in 2015 while he was at Korea Advanced Institute of Science and Technology (KAIST). It possesses analysis technology for protein-protein interactions (PPI) necessary for new drug development, among other applications.
Earlier, the demand forecasts conducted by PROTEINA for institutional investors and subscriptions for general investors were both successful. The demand forecast saw a competition ratio of 1,199:1, leading to the finalization of the offering price at the upper end of the desired range (10,000 to 14,000 won). The subsequent general subscription also achieved a competition ratio of 1,797.61 to 1, attracting about 4.7187 trillion won in subscription deposits.
PROTEINA plans to use the funds raised through its initial public offering (IPO) to expand the application scope of its PPI big data generation platform and strengthen collaborations with global pharmaceutical companies and biotech firms.