[Market Highlight] ITChem Surges on First Day of KOSDAQ Listing... IPO Price Doubles

ITChem showed strong performance on its first day of listing on KOSDAQ, with its share price rising more than twice its initial public offering (IPO) price.

As of 11:05 a.m. on August 7, ITChem recorded 32,200 won, a 100% increase compared to its IPO price of 16,100 won.

ITChem is a company that manufactures pharmaceutical materials, organic light-emitting diode (OLED) materials, and battery materials. As a CDMO (Contract Development and Manufacturing Organization), it has multiple domestic and international clients. Last year, on a consolidated basis, the company posted sales of 66.2 billion won and operating profit of 6.4 billion won.

In the institutional investor demand forecast conducted from July 17 to July 23, ITChem recorded a competition ratio of 1,157.98 to 1. The IPO price was set at the upper end of the desired range (14,500 to 16,100 won).

In the general public subscription, the simple competition ratio reached 1,880.77 to 1, and subscription deposits amounted to 7.5701 trillion won. This is the largest amount among KOSDAQ IPOs this year.