SEOUL, March 18 (Yonhap) — South Korean vaccine maker SK Bioscience Co. made a splash in its debut on the main bourse Thursday, closing at more than two times its initial public offering (IPO) price.
Instantly after the opening bell, its stock price soared to the daily permissible ceiling of 169,000 won (US$149.43), up 30 percent from its opening price and sharply up from the IPO price of 65,000 won.
SK Bioscience remained steady at the price throughout the entire session. The benchmark Korea Composite Stock Price Index (KOSPI) closed 0.61 percent higher at 3,066.01 points.
The price hike raised the company’s market capitalization to 12.93 trillion won, up from 4.9 trillion won, making it the 28th highest-valued company on the main bourse.
SK Bioscience, which produces the AstraZeneca vaccine at its plant in South Korea, emerged as the most anticipated pick on this year’s IPO list.
Last week, SK Bioscience drew a record 64 trillion won in investor deposits during a two-day subscription period for its share sale.
The figure surpassed the two previous records set last year — 58.6 trillion won for gaming company Kakao Games and 58.4 trillion won for K-pop agency Big Hit Entertainment.