On the first day of its listing on the KOSDAQ market, Samyang Comtech, a ballistic solution corporation, showed strength in early trading on the 18th.
As of 9:01 a.m. on that day, Samyang Comtech was trading at 15,910 won, up 8,210 won (106.62%) from the offering price of 7,700 won. It successfully achieved 'double' (twice the offering price) shortly after the opening.
Samyang Comtech recorded a competition rate of 565.55 to 1 in the demand forecast for institutional investors held from the 24th to the 30th of last month. A total of 2,486 domestic and foreign institutions participated, and the offering price was confirmed at the upper limit of the desired range (6,600 to 7,700 won) at 7,700 won.
In the public offering subscription for general investors conducted over two days on the 5th and 6th of this month, a competition rate of 927.97 to 1 was observed. About 12.951 trillion won was gathered as subscription deposits.
Established in 1962 under the name 'Oriental Industrial,' Samyang Comtech is known as the first corporation in South Korea to develop bulletproof vests. After a merger and acquisition in 2006, it currently provides comprehensive ballistic solutions ranging from ground and airborne equipment to personal protection.
Samyang Comtech plans to utilize the funds secured from the public offering for enhancing research and development capabilities, expanding its portfolio, expanding factories, and relocating research facilities.
Kim Jong-il, CEO of Samyang Comtech, said, 'Through this listing, we will take another leap forward to lead the global cutting-edge ballistic solution market and grow together with our shareholders.'