Seers Technology stocks up 78% on first trading day

[Courtesy of Seers Technology Co.]

South Korean digital healthcare solutions company Seers Technology Co. saw its stock price rise over 70 percent on Wednesday, the first day of trading on the Kosdaq market.

Seers Technology shares were trading at 30,250 won ($21.92) as of 9:14 a.m., up 77.94 percent from its initial public offering (IPO) price of 17,000 won.

The stock opened at 34,450 won, or nearly double its IPO price, and was up 111.76 percent to hit the 36,000 won mark shortly after the market opened, but the gains slowed afterwards.

Seers Technology is a digital healthcare specialist who combines wearable medical devices with medical AI technology to offer products including ‘mobiCARE,’ a wearable artificial intelligence (AI)-based cardiac disease diagnosis and screening service, and inpatient monitoring service ‘thynC.’

The company issued 1.3 million shares, with a total offering size of 22.1 billion won and a market capitalization of 209 billion won after listing.

For its part Samyang Foods Co. saw its shares fall in early trading on Wednesday, following the news that the youngest daughter of the company‘s founder sold all her shares on Wednesday.

Samyang Foods shares were trading at 68,900 won as of 9:08 a.m., down 23,000 won or 3.23 percent from the previous day, to end a five-day streak of gains.

The total value of the sale was 7.29 billion won, with shares hitting an all-time high of 712,000 won during the previous day thanks to the global popularity of its ‘Buldak’ super-hot spicy noodles.