Angel Robotics stock soars 225% on first day of Kosdaq debut

[Photo provided by KRX]

Angel Robotics Co., a South Korean wearable robot maker invested in by LG Electronics Inc., saw its stock surge by 225 percent on the first day of its debut on the secondary Kosdaq market.

According to the Korea Exchange on Tuesday, shares of Angel Robotics closed at 65,000 won ($48.4), well above its offering price of 20,000 won.

Earlier this month, Angel Robotics recorded a competition ratio of 1157 to 1 during its bookbuilding session, resulting in the final offering price exceeding the upper limit of the expected range of 11,000 to 15,000 won.

The public subscription two weeks ago also saw a competition ratio of 2242.02 to 1. More than 8.97 trillion won in deposits were collected.

Established in 2017, Angel Robotics is a wearable robot company co-founded by Kong Kyung-chul, professor of mechanical engineering at the Korea Advanced Institute of Science and Technology, and Rha Dong-wook, professor at Severance Rehabilitation Hospital.

Wearable robots support various human activities. Angel Robotics‘ main products include Angel Medi in the field of medical rehabilitation, Angel Gear in the field of industrial safety, Angel Suit in the field of daily living assistance, and the component and module brand Angel Kit.

The company attracted attention when LG Electronics made an initial investment and became its second largest shareholder.

The company’s bronze medal win at the 2016 Cybathlon, an international cyborg Olympics in which patients with lower-limb paralysis wore its walking suit, became the catalyst for the investment.

“We are conducting research and development projects with LG Electronics on next-generation robotic technology,” Kong said.

Angel Robotics recorded sales of 5.1 billion won last year, with a goal to achieve sales in the 90 billion won range this year. After turning a profit next year, it aims for an operating profit margin of 29 percent by 2026.