EcoPro Materials Co., a unit of South Korea’s leading electric vehicle battery materials provider, EcoPro Group, witnessed a surge of more than 30 percent during its debut on the country’s stock market on Friday.

At 9:06 a.m., the company’s shares were trading at 48,250 won ($37.26), up 33.29 percent from its offering price of 36,200 won.

Founded in 2017, EcoPro Materials specializes in producing precursors essential for EV battery materials.

During the book-building session for institutional investors, the company set its initial public offering (IPO) price at the lower end of the anticipated range due to lower-than-expected institutional investor demand.

The IPO session attracted a total of 1,141 institutions, resulting in a competitive ratio of 17.2 to 1.

Meanwhile, shares of EcoPro Co., the parent company, and EcoPro BM Co. saw declines of 3.23 percent and 2.47 percent, respectively in early Friday trading.

By Pulse

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