Blue M Tech shares top 200% of IPO price in debut

[Courtesy of Korea Exchange]

[Courtesy of Blue M Tech]

Shares of South Korea’s e-commerce startup Blue M Tech Co. are up over 200 percent in early trading after their listing on Wednesday.

The stock traded at 57,400 won ($43.7) on Wednesday at 9:06 a.m., up 202.11 percent from its initial public offering (IPO) price of 19,000 won, and the trading volume hit 182.6 billion won.

Blue M Tech’s impressive performance on its first day of trading is in line with the recent rise in the price of newly listed stocks.

Shares of LS Materials Co. and KNS Co. quadrupled on the day of listing on the Kosdaq market on Tuesday and December 6, 2023, respectively.

Blue M Tech, a drug distribution company founded in 2015, is engaged in drug retail and operates a drug e-commerce platform for hospitals in partnership with domestic and foreign pharmaceutical companies. The company posted 77.1 billion won in sales and 900 million won in operating profit in 2022.

It listed on Kosdaq under “Tesla listing conditions,” which allows companies that have no net income to list if it has a sufficient growth potential and has market capitalization above a specific threshold.