[Special Stock] SK IE Technology, Rebounds After Failing to Double and Plunging 26%

No Jae-seok, CEO of SK Innovation Technology, is attending the 'SK Innovation Technology (SKIET) KOSPI Listing Ceremony' held at the Korea Exchange in Yeouido, Seoul on the 11th, signing to commemorate the listing. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Lee Seon-ae] SK Innovation Technology (SKIET) is attempting a rebound on the second day of its listing. SKIET, which attracted attention by raising the largest subscription deposit in history, shocked the market by closing at 154,500 won, down 26.43% from the opening price, after failing to achieve "ttasang" (opening price forming double the IPO price followed by the upper limit) on the first day of listing.

As of 10:13 AM on the 12th, SKIET is trading at 157,000 won, up 1.62% from the previous trading day. It rose to 160,000 won in early trading.

The appropriate stock prices for SKIET suggested by securities firms are in the 100,000 won range: 100,000 to 160,000 won by Yuanta Securities, 148,000 won by Hana Financial Investment, and 180,000 won by Meritz Securities.

Hwang Gyu-won, a researcher at Yuanta Securities, said, "The stock price is expected to be highly volatile for 3 to 6 months after listing," adding, "After going through processes of overbuying and overselling, the stock price will gradually converge to its fair value."

SKIET mainly produces separators, a key material for electric vehicle batteries. It was spun off from SK Innovation in 2019, with SK Innovation holding a 61.20% stake, and the private equity fund Premier Superior holding 8.8%.