Hanpass rose on the 25th, its first day on the KOSDAQ market.
As of 9:15 a.m., Hanpass was trading at 42,300 won, up 23,300 won (122.63%) from the offering price of 19,000 won. It achieved a "double" right after the opening, rising to twice the offering price.
From the 6th to the 12th, Hanpass recorded a competition rate of 1,172.59 to 1 in demand forecasting for institutional investors. A total of 2,229 domestic and overseas institutions participated, and the offering price was set at the top end of the desired range (17,000 won to 19,000 won), at 19,000 won.
In the public subscription for retail investors held over two days on the 16th and 17th, the competition rate was 1,673.04 to 1. About 4.37 trillion won in subscription deposits was collected.
Hanpass operates a foreigner-focused financial platform that combines wallet, payment, and lifestyle services based on its overseas remittance service.
Hanpass currently operates a remittance infrastructure with a network of more than 50 global money transfer operators (MTOs) across about 200 countries, and, based on multi-country regulatory compliance and a global settlement network, provides remittance, wallet, and payment services for foreigners.
Chief Executive Kim Kyung-hun of Hanpass said, "Based on the funds secured through this offering, we will further strengthen the competitiveness of our financial and lifestyle platform for foreigners and accelerate our expansion into global markets."