[Featured Stock] Auto& Shows Strong Performance on First Day of Listing
[Asia Economy Reporter Song Hwajeong] Auto& is showing strong performance on its first day of listing.
As of 9:35 AM on the 20th, Auto& was trading at 10,700 KRW, up 1,900 KRW (21.59%) from the opening price. The opening price was set at 8,800 KRW, which is 66.03% higher than the public offering price.
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Auto& was established in 2008 as an in-house venture of Hyundai Motor Group and spun off in 2012 as a specialized platform company for automotive products. Through a demand forecast conducted for institutional investors on the 5th and 6th, the public offering price was finalized at 5,300 KRW, exceeding the upper limit of the expected price range (4,200 KRW to 4,800 KRW). A total of 1,768 domestic and international institutions participated in the demand forecast, recording a competition rate of 1,713 to 1. Subsequently, in the public subscription for general investors held from the 11th to the 12th, the final competition rate was 2,395.63 to 1. The subscription deposit amounted to approximately 4.567 trillion KRW.
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