DS Dansuk stock soars 300% from IPO price on first day of Kospi debut

[Image source: DS Dansuk]

Shares of DS Dansuk Co., a South Korean company engaged in eco-friendly businesses, quadrupled from the initial public offering (IPO) price on the first day of Kospi market debut on Friday.

Shares of DS Dansuk were trading 300 percent higher than the IPO price at 400,000 won ($307.9) as of 9:54 a.m. on Friday.

The stock will likely be the third to gain four times the IPO price after the price cap on listing day was raised. The two other stocks are KNS Co. and LS Materials Co.

Founded in 1965, DS Dansuk has been engaging in the business of recycling waste batteries and waste plastics.

The company held a bookbuilding session for institutional investors and set the offering price at 100,000 won, higher than the upper end of its desired price range of between 79,000 and 89,000 won.

The competition ratio for public subscription was 984.1 to 1, drawing over 15 trillion won in deposits.