Dong In Entech shares fall below offering price on first trading day

Dong In Entech’s headquarters in Gimpo. [Courtesy of Dong In Entech]

Shares of South Korean outdoor backpack manufacturer Dong In Entech Co. are receiving lukewarm response on their Kospi debut day on Tuesday.

The shares were trading at 29,850 won ($23) as of 10:07 a.m., which is 0.5 percent lower than the offering price of 30,000 won. Earlier, the stock even fell to 27,200 won, down 9.33 percent from the offering price.

Dong In Entech finalized the initial public offering price at 30,000 won earlier this month, the lowest end of the desired price, amid disappointing institutional demand.

Established in 1992, Dong In Entech is an original design manufacturer (ODM) company that produces and distributes outdoor products. Its main products are mountain climbing bags and tents.

Dong In Entech raised 42.7 billion won in operating profit last year on sales of 250.6 billion won.