[Special Stock] Almek Soars Over 200% on First Day of KOSDAQ Listing

Electric vehicle materials and components company Almek is rising more than 200% on its first day of listing.

At 9:49 a.m. on the 30th, Almek was trading at 160,300 won, up 220.60% from the public offering price (50,000 won). The company's stock price soared to 180,000 won during the day. With the system changed to allow newly listed stocks to rise up to four times the listing price on the first day, the stock price surged to a level close to "ttattabl" (four times the public offering price) during the day.

Almek is a specialized company in aluminum extrusion and material components, and it developed the first electric vehicle dedicated platform in Korea.

Earlier, the company created a sensation during the IPO period with demand forecasting for institutions and subscription for general investors. During the two-day public offering subscription on the 20th and 21st for general investors, a total of 338,902,700 subscriptions were received for 250,000 shares, which is 25% of the total 1 million public offering shares. The subscription deposit amounted to 8.4725 trillion won. In demand forecasting, a total of 1,772 domestic and international institutions participated, recording a high competition rate of 1,697 to 1.

The company plans to expand its domestic production facilities through the KOSDAQ listing and additionally secure production facilities in the United States.