Shares of seafood processed food corporations Samjinfood were strong on the first day of its KOSDAQ listing on the 22nd.
As of 9:07 a.m. that day, Samjinfood was trading at 23,400 won, up 15,800 won (207.89%) from the offering price (7,600 won). Right after the market opened, it achieved a "double," or twice the offering price.
Samjinfood recorded a competition rate of 1,308.87 to 1 in the book-building for institutional investors conducted from the 3rd to the 9th of this month. A total of 2,313 domestic and overseas institutions participated. The offering price was set at 7,600 won, the top end of the desired range (6,700–7,600 won).
In the public subscription for retail investors held for two days on the 11th and 12th, the competition rate was 3,224.76 to 1. This is the highest figure among initial public offering (IPO) retail subscriptions this year. Deposit margin for subscriptions totaled 6.127 trillion won.
Samjinfood, which began at Bongnae Market in Yeongdo, Busan, in 1953, operates "fish cake bakery" stores and a fish cake experience center, and is expanding its market by developing a variety of products including home meal replacement (HMR), high-nutrition seafood protein products, and shelf-stable fish cakes. It currently exports to 13 countries and operates fish cake bakery stores in places including Singapore, Indonesia and Vietnam.
The company is currently led by third-generation manager Park Yong-jun. Park is credited with creating the premium fish cake market and successfully branding fish cakes.