Junjin surges 60% on IPO day; Mpox stocks spike on crisis alert

[Photo provided by KRX]

Concrete pump trucks manufacturer Junjin Construction & Robot Co. saw its stock price rise to 1.6 times its initial public offering (IPO) price in early trading on Monday, its first day on the KOSPI market. Shares were trading at 26,550 won ($19.83) as of 9:13 a.m., up 60.91 percent from the IPO price of 16,500 won. The stock briefly surged by 75.15 percent to 28,900 won shortly after the market opened but gave up some of its gains.

The company, with over 30 years of experience, is South Korea’s largest producer of concrete pump trucks (CPC), which are essential equipment for construction projects, including high-rise buildings, nuclear power plants, and bridges. According to the company, more than 70 percent of its products are exported to 65 countries, with Junjin ranking second in market share in North America as of 2023, placing it in the top-tier of the global CPC market.

Meanwhile, stocks related to Mpox (formerly known as monkeypox) surged early on Monday as the virus continues to spread, particularly in Africa. As of 9:09 a.m., Pharmicell shares rose 17.61 percent to 8,270 won while other stocks, including GeneMatrix (up 12.36 percent), BioNote (up 10.41 percent), Seegene (up 8.24 percent), Access Bio (up 6.38 percent), and Labgenomics (up 5.86 percent), also turned in a strong performance.

The World Health Organization (WHO) declared Mpox a public health emergency of international concern (PHEIC), the highest level of health alert, on August 14th, 2024. Africa has reported over 18,700 Mpox cases and more than 500 deaths in the year to date.

Battery manufacturer Sebang Global Battery also saw its stock rise nearly 6 percent early on Monday, thanks to expectations of benefiting from both the hybrid and electric vehicle markets. The stock was trading at 105,700 won as of 9:30 a.m., up 5.91 percent or 5,900 won from the previous session. It started with a 3.91 percent gain and peaked at 107,800 won (up 8.02 percent).