[Market Focus] Kistron, Koryo Steel Group Affiliate, Surges 180% on First Day of KOSDAQ Listing

Kistron, a wire manufacturing company affiliated with the Koryo Steel Group, surged by over 180% in early trading on its first day listed on the KOSDAQ.

As of 9:25 a.m. on June 2, Kistron's stock price was 10,100 won, up 180.56% from its initial public offering (IPO) price of 3,600 won. The stock opened at 10,670 won and climbed as high as 10,800 won during intraday trading, achieving a "double" by rising to twice its IPO price.

Kistron finalized its IPO price at the top end of the desired range (3,100 to 3,600 won) at 3,600 won, after recording a competition rate of 1,141 to 1 in the institutional investor demand forecast. In the general subscription held over two days on May 22 and 23, the competition rate reached 2,166 to 1. The number of subscription applications totaled 191,049, and the deposit for subscriptions amounted to approximately 6.14 trillion won.

Founded in 1992, Kistron manufactures wires for electronic components and cables, and is also engaged in solar power generation and leasing businesses. Last year, the company posted sales of 69 billion won, a 23% increase from the previous year, with operating profit of 5.9 billion won and net profit of 8.8 billion won.