[Market Spotlight] "Igatan" Maker Myeongin Pharmaceutical Doubles on KOSPI Debut Day

Myeongin Pharmaceutical, well known for its gum disease treatment supplement "Igatan," achieved a "double" (twice the offering price) on its first day of KOSPI listing.

As of 9:13 a.m. on October 1, shares of Myeongin Pharmaceutical were trading at 117,900 won on the Korea Exchange, up 103.28% from the initial offering price of 58,000 won. The stock opened at 119,800 won and at one point soared to 125,000 won during the session.

Founded in 1985, Myeongin Pharmaceutical is a leading domestic pharmaceutical company specializing in the central nervous system (CNS). Its flagship products include "Igatan F" and the constipation treatment "Meikin Q." Based on consolidated results for 2024, the company posted sales of 269.4 billion won, operating profit of 92.8 billion won, and an operating margin of 34.4%, continuing its solid growth trend.

In the institutional investor demand forecast conducted from September 10 to 15, a total of 2,028 institutions participated, resulting in a competition ratio of 488.95 to 1, signaling strong demand. The final offering price was set at the top end of the desired range, 58,000 won, and 69.6% of participating institutions committed to mandatory holding, marking the highest level since the listing of LG Energy Solution.

In the subsequent subscription for general investors, the competition ratio reached 587.0 to 1, attracting approximately 17.3634 trillion won in deposits. Out of 1.02 million shares offered, a total of 598,736,890 shares were subscribed, with 532,366 subscription applications recorded.

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