[Market Focus] Graphy Falls Over 20% on First Day of KOSDAQ Listing

On its first day of trading on KOSDAQ, shares of medical device company Graphy dropped over 20% in early trading.

As of 9:09 a.m. on August 25, Graphy's stock price stood at 11,660 won, down 22.27% from its initial public offering (IPO) price of 15,000 won. The stock opened at 11,600 won and at one point fell to as low as 11,220 won.

Graphy manufactures transparent dental aligners based on three-dimensional (3D) printing technology and was the first in the world to commercialize the Shape Memory Alloy (SMA) transparent aligner. The device's advantage is its ability to automatically fit closely to the teeth when applied in the mouth. The company has also received CE certification in Europe and FDA approval in the United States.

In the institutional investor demand forecast conducted earlier, 248,635,000 shares were ordered for the 1,365,000 shares offered, which accounted for 70% of the total IPO volume, resulting in a competition ratio of 182.15 to 1. The final IPO price was set at 15,000 won, which was lower than the initially expected range of 17,000 to 20,000 won.

Graphy plans to use the funds raised through this IPO to target the global orthodontic market.

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