[Featured Stock] EcoPro Materials, KOSPI Debut Soars 30% on First Day

EcoPro Materials is trading more than 30% above its initial public offering (IPO) price on its first day listed on the KOSPI.

As of 9:24 a.m. on the 17th, EcoPro Materials was trading at 50,000 KRW, up 13,800 KRW (38.12%) from the IPO price of 36,200 KRW.

EcoPro Materials previously recorded a demand forecast competition rate of 17.2 to 1 among institutional investors, setting the IPO price at the lower end of the expected range (36,200 to 44,000 KRW) at 36,200 KRW. The number of shares offered was also reduced from 14,476,000 to 11,588,000 shares. The subscription competition rate among retail investors was recorded at 70 to 1 this year. A total of 381,625 subscription applications were received. Subscription deposits amounted to approximately 3.6705 trillion KRW.

Founded in 2017, EcoPro Materials is the only domestic company mass-producing precursors, a core material for secondary batteries. It mainly produces high-nickel precursors of the highest quality, used in electric vehicles (EVs) and Non-IT devices. The company has also succeeded in developing metal refining and production technologies for key raw materials such as nickel and cobalt, securing global competitiveness.

EcoPro Materials plans to use the funds raised through this IPO for additional factory and facility investments as well as raw material purchases. With the growth of the eco-friendly battery market, demand for precursors is expected to continue increasing, and the company intends to continue investing to expand production capacity.