Kiwoom Hero No. 2 SPAC surged more than 180% in early trading on the KOSDAQ on the first day of its debut on the 23rd.
As of 9:33 a.m. on the day, Kiwoom Hero No. 2 SPAC was trading at 5,640 won, up 3,640 won (182.00%) from the offering price (2,000 won).
A SPAC (special purpose acquisition company) is a shell company established solely for mergers and acquisitions. It must merge with an unlisted company within three years. If it fails to find a merger partner, it is automatically delisted. It returns the principal plus a small amount of interest, but losses may occur if investing at a price above the offering price.
Kiwoom Securities-led Kiwoom Hero No. 2 SPAC posted a subscription competition rate of 3,455.18 to 1 in the public offering for retail investors held from the 14th to the 15th. In the book-building for institutional investors held during the same period, it recorded a competition rate of 1,271.12 to 1. It collected about 5.1828 trillion won in subscription deposits.
The target industries for Kiwoom Hero No. 2 SPAC's merger are sectors deemed to have future growth drivers: electronics and telecommunications, software and services, automobiles, materials, bio and healthcare, energy, and others.