On the 24th, the first day Samyang Group's pharmaceutical and biotech affiliate Samyang Biopharm listed on the KOSPI after a spin-off, its share price hit the upper limit.
As of 9:28 a.m. that day, Samyang Biopharm was trading at 30,200 won on the KOSPI, up 6,950 won (29.89%) from the opening price of 23,250 won. The share price went straight to the upper limit right after the market opened.
This listing was carried out through a direct listing after a spin-off from Samyang Holdings, the holding company of Samyang Group, on the 1st of this month. Samyang Holdings shareholders came to own shares in the existing company and the new company in proportion to their equity, so the listing proceeded without a subscription process. The number of listed shares is 7,435,870.
Samyang Biopharm said the listing will allow the market to independently evaluate its growth potential and technology. It also noted it expects to improve credibility among overseas investors and gain an advantage in securing funds for research and development (R&D) and global expansion.
Chief Executive Kim Kyung-jin of Samyang Biopharm said, "We will raise corporate value based on the company's competitive edge and help improve valuation for the entire group."