Korean chip equipment maker IMT gains 62.5% on first trading day

[Courtesy of Korea Exchange]

Shares of IMT Co., a South Korean semiconductor equipment company, soared by more than 62 percent on the first day of trading on the country’s secondary Kosdaq market on Tuesday.

Shares of IMT were trading at 22,750 won ($16.9) as of 9:06 a.m., up 62.5 percent from the offering price of 14,000 won.

IMT – founded in 2000 – specializes in semiconductor manufacturing equipment. Main products are laser cleaners and carbon dioxide cleaners.

During the book-building session for institutional investors, IMT had a competition rate of 753 to 1. The offering price was set at 14,000 won, which exceeds the top end of the desired pricing range of 10,500 won and 12,000 won.

The competition rate in the public offering stood at 495.59 to 1 and a total of 1.37 trillion won was collected in deposits.