TMC, a shipboard industrial cable company, succeeded in a "double" on its first day of KOSPI listing, doubling from its offering price.
TMC specializes in industrial special-purpose cables for ships, offshore plants, optical communications, and nuclear power, and is the last newcomer to be listed on the main board this year.
As of 9:23 a.m. on the 23rd, TMC is trading on the main board at 20,650 won, up 11,350 won (122.04%) from the offering price (9,300 won).
TMC recorded a competition rate of 960 to 1 in the book-building for institutional investors held on the 21st to 27th of last month. A total of 2,136 domestic and overseas institutions participated, and the offering price was set at the top end of the indicative range, 9,300 won.
In the public subscription for retail investors held on the 3rd to 4th of this month, the competition rate was 1,305.47 to 1. Subscription deposits totaled 11.1089 trillion won.
Funds raised through this initial public offering (IPO) will be used to expand production capacity at the U.S. subsidiary. By producing locally, the company plans to shorten delivery times and accelerate its entry into the North American optical communications market through cooperation with a major U.S. optical cable company.