In the early trading session on the 1st, Daehan Shipbuilding, considered the biggest player in the initial public offering (IPO) market in the latter half of this year, showed strong performance on its first day of listing on the stock market.
As of 9:39 a.m. on the same day, Daehan Shipbuilding was trading at 87,400 won, up 37,400 won (74.8%) from the offering price of 50,000 won.
Daehan Shipbuilding recorded a competition rate of 275.7 to 1 in a demand forecast for institutional investors conducted from the 11th to the 17th of last month. A total of 2,106 domestic and foreign institutions participated, and the offering price was finalized at the upper limit of the desired range of 42,000 to 50,000 won.
During the two-day public subscription for general investors held on the 22nd and 23rd of the same month, a competition rate of 238.1 to 1 was observed. Approximately 17.86 trillion won was collected as subscription deposits.
Daehan Shipbuilding was founded as Shinyoung Shipbuilding Industry in 1987 and changed its name to the current one in 2004.
Daehan Shipbuilding plans to use the funds secured through its listing for ▲enhancing eco-friendly ship technology ▲strengthening design capabilities ▲investing in marketing to expand global orders. It also intends to use part of the funds for debt repayment to stabilize its financial structure.