TDS Pharm stock soars on first day of Kosdaq debut

[Photo provided by KRX]

Shares of South Korean pharmaceutical company TDS Pharm Co. skyrocketed on the first day of its debut on the secondary Kosdaq market on Wednesday.

They were trading at 35,650 won ($26.8) as of 10:20 a.m. on Wednesday, up 174.23 percent from the offering price of 13,000 won.

TDS Pharm specializes in the development and manufacturing of transdermal drug delivery (TDD).

The competition ratio during the bookbuilding session stood at 1,331.2 to 1. The offering price was set above the desired price range of between 9,500 won and 10,700 won.

The competition ratio during the public subscription period was 1,608.17 to 1.

Yuhan Corp., in the meantime, also rose sharply on Wednesday morning following an official statement that the U.S. Food and Drug Administration (FDA) approved the company’s novel cancer drug Leclaza in combination with Johnson & Johnson‘s chemotherapy-free treatment Rybrevant (amivantamab).

Yuhan shares jumped 2.55 percent to 96,400 won as of 10:24 a.m. Shortly after the market opened, the stock surged 16.7 percent to 109,700 won, reaching a new 52-week high.