[Asia Economy Reporter Kum Bo-ryeong] Myungshin Industry, which is scheduled to be listed on the KOSPI on the 7th, set a new record by exceeding a subscription competition rate of 1370 to 1 in the general subscription.
Myungshin Industry announced on the 1st that the final competition rate for the public offering subscription targeting general investors was calculated at 1372.94 to 1. This surpassed the previous subscription competition rate of 1318 to 1 set by Kyochon F&B.
According to the joint underwriter Mirae Asset Daewoo, the subscription results conducted on the 27th and 30th of last month showed that 4,318,936,320 shares were subscribed for the 3,145,759 shares allocated to general investors. The deposit amount was 14.0365 trillion KRW.
The KOSPI market listing is scheduled for the 7th.
Established in 1982, Myungshin Industry is a manufacturer of automotive parts. It produces various automotive exterior parts through the 'hot stamping process,' which involves heating steel plates at high temperatures and rapidly cooling them to form shapes. It supplies hot stamping applied parts for internal combustion engine vehicles and electric vehicles. It operates the world's largest production line based on single production for hot stamping. Major suppliers include Hyundai and Kia Motors.
Park Bong-geun, CEO of Myungshin Industry, said, "The successful initial public offering (IPO) has laid the foundation to further enhance the company's value," adding, "We will lead the global green vehicle body parts market and leap forward as a global hot stamping company by securing global bases and new customers."
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