Kakao Games Hits 'Ttasant' at 62,400 Won on IPO Debut... Jumps to 5th in Market Cap
[Asia Economy Reporter Koh Hyung-kwang] Kakao Games hit the upper price limit on its first day of listing on the KOSDAQ market.
According to the Korea Exchange on the 10th, as of 10:02 a.m., Kakao Games was trading at 62,400 won, reaching the maximum price limit (30.00%) from the opening price of 48,000 won on the KOSDAQ market.
It recorded the so-called 'ttasang' (when the opening price is set at twice the public offering price and the stock hits the upper limit on the first day of listing) right at the market open on the listing day. The increase rate compared to the public offering price (24,000 won) was 160%.
Due to explosive interest from investors, the buy order volume waiting exceeded 30 million shares. Shortly after the market opened, the Volatility Interruption (VI) mechanism was also triggered.
Kakao Games' market capitalization increased to 4.568 trillion won, instantly ranking 5th in the KOSDAQ market capitalization rankings.
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Kakao Games set a record with an integrated subscription competition rate of 1,524.85 to 1 from the general subscription received by three underwriters on the 1st and 2nd, and subscription deposits reached 58.5543 trillion won.
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