Shinhan SPAC No. 17 surged more than 160% in early trading on the first day of its KOSDAQ listing on the 1st.
As of 9:28 a.m., Shinhan SPAC No. 17 was trading at 5,260 won, up 3,260 won (163.00%) from its offering price of 2,000 won. At one point intraday, it climbed as high as 6,450 won, up 222.5% from the offering price.
A SPAC (special purpose acquisition company) is a shell company established solely for mergers and acquisitions, and its listing is delisted if it does not merge within three years. Investors can receive their principal (2,000 won per share) plus a small amount of interest.
The institutional competition ratio for Shinhan SPAC No. 17, led by Shinhan Investment & Securities, was tallied at 1,343.8 to 1.
Target sectors for Shinhan SPAC No. 17's merger include electronics and telecommunications, software and services, biopharmaceuticals and medical devices, secondary batteries, games and entertainment, mobile, renewable energy, auto parts, and advanced materials and NANO convergence.