SK Biopharmaceuticals Co. has set a new Kospi record with its stock price soaring by daily gain limit of 30 percent for the third trading session since its initial public offering last Thursday.

The stock price of SK Biopharmaceuticals is trading at 214,500 won ($178.75) on Monday after surging by the 30-percent daily increase limit. It is trading more than quadrupled from its debut price.

SK Biopharmaceuticals, a unit under South Korean conglomerate SK Group, opened at 98,000 won, double its IPO price of 49,000 won per share, on its first day of trading on July 2. Since then, the stock has been shooting up by the daily limit of 30 percent every day.

The stock is the first to trade so high since IPO this long since daily gain was capped at 30 percent from June 2015.

SK Biopharmaceuticals is a biotech company with strength in treatments for central nervous system disorders. Last year, it became the first Korean company to independently an approval for its anti-epileptic drug cenobamate from U.S drug authority.

Prior to SK Biopharmaceuticals, SK D&D Co. was the only stock at Kospi that opened at double the IPO price (26,000 won) and recorded a 30 percent jump on the first day. The stock, however, cooled down the following day and closed the second trading session 3.8 percent lower at 65,000 won. SK D&D is another SK Group affiliate that specializes in real estate development and renewable energy business.

At the tech-savvy, junior Kosdaq bourse, there have been four companies - LET Co., Hyundai Feed Inc., Green Cross Lab Cell Corp. and Peptron Inc. – that saw stock price open at double the IPO price and jump by the 30-percent daily limit on the first trading day. Of them, shares of animal feed manufacturer Hyundai Feed and biotech firm Peptron recorded maximum daily jump for three consecutive trading sessions in a row.

By Pulse

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]