Recens Medical is surging more than 200% on the first day of its KOSDAQ debut on the 31st.
As of 9:16 a.m., Recens Medical is trading at 34,800 won on the KOSDAQ market, up 23,800 won (216.36%) from the previous session. It achieved a "triple (three times the offer price)" right after the open.
Recens Medical is a medical device corporations founded in 2016 based on ultra-low temperature precision cooling technology. Recens Medical applies the platform to local anesthesia for cosmetic procedures, drug delivery, ophthalmic procedures, and treatment of dermatological diseases in animals.
Recens Medical earlier recorded a competition rate of 2,097.68 to 1 in the public offering subscription for retail investors. The number of subscriptions was 556,289, and the deposits totaled 4.0038 trillion won.
In the book building held from on the 9th to the 13th, a total of 2,261 institutions participated, recording a competition rate of 1,352.63 to 1. The final offer price was set at 11,000 won, the top end of the desired price band (9,000 won–11,000 won).
Recens Medical plans to use the funds secured through this offering for in-house development of new processes and automation of consumable production, clinical trials and approvals for new indications, and strengthening global marketing.