The stock of Graphy, a medical device company, was below the offering price by more than 20% from the first day of listing.
Graphy shares were trading at 12,100 won on the Korea Securities Dealers Automated Quotations (KOSDAQ) market at 9:14 a.m. on the 25th. This is 19.33% (2,900 won) lower than the offering price of 15,000 won. At the start of the market, the stock price fell to 11,220 won, recording a decline of 25.2%.
Graphy previously failed to attract interest during the demand forecast conducted for institutional investors and set the offering price at 15,000 won, which is below the range (band) of 17,000 to under 20,000 won.
Established in 2017, Graphy specializes in the manufacture of transparent orthodontic devices based on three-dimensional (3D) printing. The company plans to target the global orthodontic device market using the funds raised from this initial public offering (IPO).