LaMeditech stock soars nearly 160% on first trading day

[Courtesy of LaMeditech Co.]

South Korea’s aesthetic and medical device maker LaMeditech Co. saw its stock price soar nearly 160 percent from its offering price on Monday morning, boosting the overall secondary Kosdaq market.

Shares of LaMeditech were trading at 40,850 won ($29.6) as of 10:50 a.m. on Monday, up 155.31 percent from the offering price of 16,000 won.

The stock surged to as high as 56,000 won immediately after the market opened.

LaMeditech is a company specializing in aesthetic and medical devices with original technology for ultra-miniature lasers. Since its establishment in 2012, it has successfully commercialized high-power ultra-miniature laser technology, resulting in a diverse product lineup in skin care and medical devices.

LaMeditech plans to use the proceeds to research and develop hospital-grade desktop laser blood collection devices, blood collection and blood glucose meters, desk-type multi-functional skin beauty devices, diagnostic systems for chronic diseases, and laser drug delivery systems.

Shares of Hyundai Motor Co., in the meantime, also gained on Monday, following the news of the initial public offering of its Indian subsidiary.

Hyundai Motor shares were trading at 279,000 won as of 10:37 a.m., up 4.1 percent from the previous session.

The stock hit a new 52-week high shortly after the opening bell.

Hyundai Motor India Ltd. filed an IPO application with the Securities and Exchange Board of India (SEBI) on Saturday.

It plans to sell up to 142 million shares, or 17.5 percent of the 812 million shares held by its parent company, Hyundai Motor, without issuing new shares.

Eugene Investment & Securities Co. analyst Lee Jae-il estimated the market capitalization of Hyundai Motor India to be around $17.1 billion. Lee projected that Hyundai Motor‘s market capitalization could increase by 10.57 trillion won, which is about 18.8 percent higher than the previous trading day’s closing price, after applying the combination of the discounted equity value, IPO proceeds, and earnings value of the Indian subsidiary.