[Market Focus] Rokit Healthcare Surges Over 60% on First Day of Listing

Bio-tech company Rokit Healthcare saw its stock surge by over 60% in early trading on its first day of listing.

As of 9:47 a.m. on May 12, Rokit Healthcare was trading at 18,380 won. The company, which debuted on the KOSDAQ market that day, opened at 16,860 won and at one point during the session soared to 19,700 won.

Founded in 2012, Rokit Healthcare is a bio company specializing in technologies for regenerating human tissues such as skin, cartilage, and kidneys. The company develops and manufactures medical 3D bio-printers that automatically model affected areas using artificial intelligence (AI) and produce customized patches.

Previously, in a demand forecast targeting institutional investors, the offering price was set at the lower end of the desired range (11,000 to 13,000 won), at 11,000 won. A total of 1,104 institutions participated, resulting in a competition ratio of 368.45 to 1. In the public subscription for retail investors held on April 23 and 24, the company collected 8.62 billion won in deposits. However, the presence of capital impairment due to redeemable convertible preferred shares (RCPS) and convertible bonds (CB) was perceived as a risk, leading to underwhelming results in both the demand forecast and public subscription.

The company stated that it plans to use the funds raised through the IPO for global clinical trials and marketing activities in the fields of cartilage and kidney regeneration.