Inswave Systems makes strong Kosdaq debut

[Courtesy of Inswave Systems]

South Korean information technology service provider Inswave Systems Co. made a strong debut on the Kosdaq market on Monday, the first day of its listing.

Inswave Systems’ stocks were initially sold for 34,650 won ($26.02) per share as of 9:11 a.m., representing a 44.38 percent increase from the offering price of 24,000 won, or about 1.4 times higher the offering price.

Founded in 2002, Inswave Systems is an application software developer that offers solutions for remote business support, among other services.

During the subscription phase for the company’s shares, institutional investors demonstrated a demand-to-supply ratio of 672.42 to 1 and the offering price was set at the upper end of the expected range, at 24,000 won.

During the public offering subscription, the competition rate was 618.91 to 1.

Newly listed companies can now see stock price swing up to four times the offering price on the first day of listing since the end of June 2023, following regulatory changes that expanded the price fluctuation range from 60 to 400 percent, up from the previous range of 63 to 260 percent.