Hyundai Hyms stock surges 300% from IPO price on first trading day

[Courtesy of Korea Exchange]

Shares of Hyundai Hyms Co., a South Korean shipbuilding machinery company, quadrupled from the initial public offering (IPO) price on Friday, making a robust debut on the first day of trading on the Kosdaq market.

Shares of Hyundai Hyms were trading 300 percent higher at 29,200 won ($21.8) as of 9:50 a.m. on Friday. The offering price was set at 7,300 won.

On Wednesday, shares of Woojin Engineering & Technology Inc. (Woojin Ntec) also registered a fourfold increase from the offering price, witnessing a strong debut.

Founded in 2008, Hyundai Hyms specializes in manufacturing essential block components crucial for shipbuilding. The company supplies components to various shipbuilders, including HD Hyundai Heavy Industries Co.