[Featured Stock] Seongil Hightech Shows Weakness from First Day of Listing

[Asia Economy Reporter Junho Hwang] Sungil Hightech, which was listed on the 28th, is showing a weak performance.

According to the Korea Exchange on the day, at 9:30 a.m., Sungil Hightech was trading at 94,500 KRW, down 5.41% from the opening price.

Sungil Hightech recorded 99,900 KRW, nearly 200% of the public offering price, at the start of trading, successfully forming an opening price double the public offering price ("Ttakongmo-ga double opening price"). However, it sharply declined afterward, failing to achieve a "Ttasang" (double price limit up).

In the general subscription, Sungil Hightech recorded a final competition rate of 1,207.1 to 1, raising 20.1431 trillion KRW in deposits, making it the company that raised the most public offering funds this year since LG Energy Solution in January. In the demand forecast, it recorded the highest-ever competition rate of 2,269.7 to 1, setting the public offering price at 50,000 KRW, exceeding the upper limit of the expected price band.

The company specializes in eco-friendly secondary battery recycling, extracting valuable metals from secondary batteries used in electric vehicles, mobile phones, laptops, energy storage systems (ESS), and power tools. It is the only company in Korea to possess an integrated secondary battery recycling process.

This content was produced with the assistance of AI translation services.