Dec., once considered the off-season in the IPO market, is showing a different mood this year as at least one new listing has debuted each day.
According to the Korea Exchange (KRX) on the 25th, from the 1st to the 24th of this month, including special purpose acquisition companies (SPACs), one issue debuted on the main board and 20 on the KOSDAQ. On a trading-day basis, a total of 21 corporations listed over 18 days.
Excluding SPAC listings, 11 issues—AimedBio, TeraView, FESCARO, EGIS, QuadMedicine, Acryl, Nara Space Technology, Rznomics, Samjinfood, Livsmed, and TMC—entered the market.
Buoyed by the recent rally in Korea's stock market, listing scorecards are also strong. AimedBio and Rznomics soared to four times their offer prices on the first day, recording "double-double." Acryl, TeraView, and Samjinfood ended their first day at twice the offer price.
With the government's stock market support policies continuing, the warmth in the IPO market is expected to persist. In particular, as interest in the KOSDAQ grows, the IPO rally is likely to continue.
Kim Su-yeon, a researcher at Hanwha Securities, said, "Year-end is usually a lull for IPOs, but listings have crowded into this month," and noted, "Bio and AI have been building expectations since before listing and are leading the IPO market."