[Courtesy of Korea Exchange]
South Korea’s Stormtec Co., a home appliance parts stock that was listed on the secondary Kosdaq market on Monday, saw its stock price surge almost 80 percent from its initial public offering (IPO) price.
Stormtec was trading at 19,540 won ($15.04), up 77.64 percent from its IPO price of 11,000 won, at 9:10 a.m. on the Kosdaq market.
Founded in 1999, Stormtec produces plastic products including water purifier fittings and valves and posted sales of 51 billion won and an operating profit of 11.8 billion won in 2022.
In the public subscription held in the middle of November 2023, the competition ratio was about 500 to 1 and a margin of 2.34 trillion won was collected.
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