[Featured Stock] WCP Plummets 16% on First Day of Market Entry...

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] WCP is experiencing a sharp decline on its first day listed on the KOSDAQ on the 30th.

As of 10 a.m. that day, WCP was trading at 45,100 KRW, down 8,900 KRW (16.48%) from the opening price of 54,000 KRW.

The company is the second-largest domestic manufacturer in the secondary battery separator sector and attracted attention in the IPO market with a corporate value estimated around 3 trillion KRW.

During the two-day general subscription period starting on the 20th, the subscription competition rate was 7.25 to 1. Subscription deposits totaled 391.5 billion KRW, with a total of 68,486 subscription applications. In the institutional demand forecast, the public offering price was set at 60,000 KRW, 25% below the lower end of the expected range (80,000 to 100,000 KRW).