South Korean medical aesthetic equipment maker Ilooda’s initial public offering drew 3,000 times more retail bids than expected, making it the country’s most oversubscribed stock so far this year.

Retail investors made orders for about 912 million shares worth 4.1 trillion won ($3.43 billion) against 300,000 shares on offer, according to Ilooda’s underwriter Mirae Asset Daewoo.

This broke the record previously set by TSI, a local manufacturer of secondary battery equipment, whose retail tranche earlier this month was 1,621 times oversubscribed.

Institutional investors ordered more than 1,316 times their allotted shares at Ilooda’s bookbuilding session last week, pricing the IPO at the top end of its desired range at 9,000 won a share. The company has raised 13.5 billion won from the issue on a market valuation of 63.6 billion won.

Ilooda is scheduled to go public on the secondary Kosdaq on Aug. 6.

By Pulse

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