SoKor’s IPO rallies on SK Bioscience’s impressive share debut
South Korean firm SK Bioscience Co Ltd made an impressive trading debut, with its shares recording a 30% increase on Thursday. This was mainly from investors’ optimism that the biopharmaceutical company would provide interesting breakthroughs, turning its value to more than $12 billion.
The jump, which was the biggest in nearly four years, came to be the best opening performance under the KOSPI. Data from Korea Exchange showed that the vaccine developer raised 1.5 trillion won in the country’s largest initial public offering. The figure placed just below the 2.7 trillion won recorded by mobile game developer Netmarble in 2017.
According to analysts, SK Bioscience’s strong listing contributed to the country’s busy IPO market this year. With investors’ upbeat demand, more listings by companies that profit from health concerns and stay-at-home habits could be expected.