On the first day of its listing on the KOSDAQ market on the 7th, the advanced materials contract development and manufacturing organization (CDMO) IT-CHEM is showing strong performance in the early trading session.
As of 9:05 a.m. that day, IT-CHEM was trading at 38,050 won, up 19,950 won (136.34%) from the offering price of 16,100 won. Shortly after the opening, it successfully achieved a "double" (twice the offering price).
IT-CHEM recorded a competition rate of 1,157.98 to 1 in the demand forecast conducted for institutional investors from the 17th to the 23rd of last month. A total of 2,304 domestic and international institutions participated, and the offering price was confirmed at the upper end of the desired range (14,500 to 16,100 won), which is 16,100 won.
The public subscription for general investors, held over two days on the 28th and 29th of the same month, showed a competition rate of 1,880.77 to 1. Approximately 7.57 trillion won was collected as subscription deposits, marking the largest scale among this year's KOSDAQ initial public offerings (IPOs).
Founded in 2005, IT-CHEM focuses on domestic production and establishing a stable supply system for core materials in the display and pharmaceutical sectors based on CDMO technology. The company is also the first in Korea to successfully commercialize the development and recycling of heavy water (D₂O), classified as a strategic material.
IT-CHEM plans to use the funds secured from this listing to expand its production infrastructure to proactively respond to the increasing demand from clients. CEO Kim In-kyu of IT-CHEM noted, "We will enhance our business centered around strategic materials such as heavy water after the listing, and continue sustainable growth through global supply chain stability and production infrastructure expansion."