Deokyang Energen, an industrial hydrogen production specialist challenging to become the first listed company of the year, succeeded at the box office by securing about 13 trillion won in deposits from retail investors in the public subscription.
On the 21st, Deokyang Energen said that from the 20th to the day, it held a public subscription for retail investors and collected about 1.27 trillion won in deposits.
Specifically, 506,098 subscriptions were received, recording a competition rate of 1,354.4 to 1. NH Investment & Securities and Mirae Asset Securities led the listing.
It is analyzed that investors highly valued the company's possession of Korea's top-tier hydrogen production capacity and its secured pipelines within key domestic industrial complexes such as Yeosu and Ulsan.
Deokyang Energen, a company that produces high-purity industrial hydrogen, was founded in 2020. It is also participating in the Shaheen Project promoted by S-Oil, which aims to directly produce petrochemical products from crude oil.
The company earlier also drew strong interest in the institutional investor book-building. All participating institutions in the book-building (including those without price indications) indicated prices at or above the top end of the desired range, fixing the offer price at the top end of 10,000 won.
Based on the final offer price, the offering amount is estimated at 75 billion won, and the expected market capitalization at 248.1 billion won. It will list on the KOSDAQ market on the 30th.
Kim Ki-cheol, CEO of Deokyang Energen, said, "We plan to use the IPO proceeds for building the Ulsan shipping center, facility expansion, and new plant equipment," adding, "We will focus not only on top-line growth but also on improving profitability."