In the afternoon on the 10th, SeAH Besteel Holdings shares are surging more than 14%. The rally comes after news that SpaceX, led by Tesla CEO Elon Musk, will pursue an initial public offering (IPO) next year.
As of 2:52 p.m. that day, SeAH Besteel Holdings was trading at 35,100 won on the Korea Exchange, up 4,450 won (14.52%) from the previous session.
Earlier, Bloomberg reported on the 9th (local time) that SpaceX plans an IPO aiming to raise $30 billion. It is targeting a valuation of about $1.5 trillion. The IPO timing is reportedly as early as the middle to latter half of next year.
SeAH Besteel Holdings' subsidiary SeAH Changwon Integrated Special Steel is a specialty steel manufacturer and is reportedly seeking to supply special alloys to SpaceX. Investor expectations appear to have grown, in particular, as Texas, where SpaceX is located, has been mentioned as a site for a special alloy plant in the United States.
SpaceX is a space exploration company that Musk, the CEO, founded in 2002, and it develops space rockets, space cargo ships, and satellite internet.