More companies are preparing for initial public offering on South Korean stock market this year including C&G Hi Tech Co., who plans to debut on the country’s secondary Kosdaq bourse on Jan 25.
According to Korea Exchange and the financial investment industry on Sunday, chemical blending system maker C&G Hi Tech would be this year’s first Kosdaq-listed company after its debut on the tech-laden Kosdaq on Jan 25. It drew 1.289 trillion won ($1.27 billion) worth deposits during retail subscription on Jan 16-17, recording an oversubscription rate of 625.64 times for its new issues.
Following C&G Hi Tech, asphalt concrete maker SG Co. and drug developer Enzychem Lifesciences Corp. are also expected to go public on Kosdaq on Jan 26 and 31, respectively.
Companies preparing for IPO next month include sportswear brand Barrel, automation system maker Linkgenesis and online shopping platform provider Cafe24, who will exceptionally join the bourse upon receiving recognition for its technology and business prospects.
Market watchers predict more companies would join the Kosdaq bourse this year, compared to last year. The pace will accelerate once the Korean government starts to ease the entry to the secondary bourse as part of the stimulation plan.
Aekyung Industrial Co., household and personal care product maker, has been preparing for IPO on the main Kospi bourse in the first half of this year, and lucrative gasoline retailer Hyundai Oilbank Co. and SK Lubricants Co. are also expected to seek an IPO this year, according to market watchers.
By Jin Young-tae and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]