South Korea’s Hyundai Heavy Industries Co. (HHI) drew over 56 trillion won ($48 billion) in deposits during its two-day public subscription for its initial public offering (IPO) amid growing expectations for a turnaround in shipbuilding industry.

HHI’s lead underwriter Mirae Asset Securities said on Wednesday that retail investors deposited 56.4 trillion won in total for their share of 4.5 million new issues in HHI, nearly matching 58 trillion won deposited for Kakao Bank IPO. The final average competition ratio was 405.1:1 for the offering that is set to raise 1.08 trillion won upon listing later this month.

Hana Financial Investment had the highest competition ratio of 416.81:1, DB Financial Investment 416.39:1, Mirae Asset Securities 409.02:1, and Korea Investment & Securities 402.46:1. Samsung Securities and Daishin Securities were brokerages with lowest competition ratio.

Subscriptions through multiple accounts were not allowed.

Retail investors were drawn to HHI’s reputation as the world’s top shipbuilding company and a revised boon on the sea industry.

HHI’s bookbuilding earlier was oversubscribed by 1,836.1 times, setting the offering price at the top end of 60,000 won per share. A total of 1,633 institutional investors joined the bookbuilding and more than half of them volunteered for mandatory lockup.

HHI will have market capitalization of 5.3 trillion won once trading begins.

By Kang Woo-seok and Lee Eun-joo

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