Korea’s first chicken stock Kyochon F&B flies on its debut day

2020.11.12 16:19:44 | 2020.11.12 16:24:18

[Photo provided by Kyochon F&B Co.]이미지 확대

[Photo provided by Kyochon F&B Co.]

Chicken-loving Koreans warmly welcomed the first chicken stock to the main bourse as shares of top chicken franchise operator Kyochon F&B Co. hit their daily ceiling on debut day on Thursday as the relatively cheap entrant sat well with mom-and-pop investors.

Shares of Kyochon F&B closed 29.98 percent higher, or daily permissible limit, at 31,000 won after a rollercoaster ride from a low of 20,350 won.

Kyochon F&B had been a retail sensation with a record competition ratio of 1,318 against one. It drew 9.4 trillion won deposits for 5.8 million shares. A total 4.64 million shares were available for trade immediately after debut, 18.6 percent of total issued shares of 24,982,540.

[Photo provided by Kyochon F&B Co.]이미지 확대

[Photo provided by Kyochon F&B Co.]

Several millions of shares of purchase quantity were cumulated before market opening, surging to a level for volatility interruption after market opening but it did not hit the highest ceiling of 31,000 won after opening price doubled from offering price.

The stock flow of Kyochon F&B was similar to Solux that debuted on Nov. 6 and Withtech on Oct. 30 whose prices gained grounds during the market instead of skidding after touching the daily ceiling.

The stock offered retail appeal as it was priced relatively cheaply compared to other recent big IPOs.

By Kang Bong-jin and Lee Eun-joo

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