[Intocell Surges 90% on First Day of KOSDAQ Listing]

On its first day of trading on KOSDAQ, Intocell is showing a surge of over 90% compared to its initial public offering (IPO) price.

The KOSDAQ Market Division of the Korea Exchange held a listing ceremony for Intocell, a company engaged in the development of platform technologies related to linkers and drugs, which are components of antibody-drug conjugates (ADC), on the 23rd at the promotional hall of its Seoul headquarters. Korea Exchange

As of 9:48 a.m. on the 23rd, Intocell was trading at 33,100 won on the Korea Exchange, up 16,100 won (94.71%) from its IPO price of 17,000 won. In the early session, the stock rose more than 100%, achieving a "double"?meaning it doubled its IPO price.

Previously, Intocell set its IPO price at the upper end of the desired range, 17,000 won, after recording a competition rate of 1,151.5 to 1 in the institutional investor demand forecast. In the subsequent public subscription, the competition rate reached 2,268.9 to 1, with a total of 7.23 trillion won in deposits collected.

Intocell is a company specializing in the research and development of ADC platform technologies. It was founded by Park Taegyo, who is a co-founder of Ligachem Bio and played a leading role in inventing the core platform technology, "Conjuall." Over the past 10 years, the company has developed platform technologies such as Opas, PMT, and proprietary drugs with various mechanisms of action (MOA).