SOKOR’S SK IE TECHNOLOGY DOUBLES IN VALUE AFTER $2B IPO
SK IE Technology Co., the battery materials unit of South Korean energy supplier SK Innovation Co., doubled its value in its Seoul debut Monday after raising $2 billion in the country’s biggest initial public offering (IPO) in four years, Julia Fioretti reported for Bloomberg News.
SK IE’s stock opened at 210,000 won ($188), compared with its offering price of 105,000 won, which was already at the top of its marketed range. It traded at 175,000 won as of 9:12 a.m. in Seoul.
The maker of battery separators attracted record levels of interest from both retail and institutional investors, underscoring continued hunger for first-time share sales in South Korea even as appetite abates elsewhere.
Institutional investors put in orders for a record 1,883 times the shares on offer, beating other hot Korean IPOs in the past year in terms of demand, such as the 962.6 billion won listing of K-pop superstars BTS’s agency Big Hit Entertainment Co., which was more than 1,000 oversubscribed by institutional investors.
Mom-and-pop buyers also poured into SK IE Technology’s IPO, with 80.5 trillion won in bids for shares, according to IPO manager Mirae Asset Securities Co.
That beat the previous record set in March by SK Bioscience Co., which drew 63.6 trillion won in retail bids.
The level of demand shows that the retail trading mania that became a feature of 2020 and led to several blowout IPOs is still strong this year.
Analysts expect that enthusiasm to continue this year given South Korea’s loose monetary policy. SK IE Technology’s IPO was the country’s biggest since mobile game-maker Netmarble Corp. raised $2.4 billion in 2017, according to data compiled by Bloomberg.