Kyobo No. 20 SPAC is surging 107% in early trading on its first day of listing on the KOSDAQ on the 2nd.

On the morning of the 2nd, a digital board in the dealing room at Hana Bank in Jung-gu, Seoul displays market indicators including the KOSPI and KOSDAQ. /Courtesy of News1

As of 9:07 a.m. that day, Kyobo No. 20 SPAC is trading at 4,145 won, up 2,145 won (107.25%) from the offering price (2,000 won).

A SPAC (special purpose acquisition company) is a shell company established solely for mergers and acquisitions and must merge with an unlisted company within three years. If it fails to find a merger target, it is automatically delisted.

Kyobo No. 20 SPAC, underwritten by Kyobo Securities, recorded a subscription competition ratio of 747.35 to 1 in the public offering subscription for general investors held on the 23rd to 24th of last month.

The merger target industries for Kyobo No. 20 SPAC are renewable energy; biopharmaceuticals (resources) and medical devices; IT convergence systems; carbon-reduction energy; LED applications; broadcasting and telecommunications convergence industry; gaming and mobile industry; new materials and NANO convergence; high value-added food industry; electronics and telecommunications; entertainment and content; and software and services.

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