EduTech company i-Scream Media stock falls below offering price on debut day

Courtesy of i-Scream Media Corp.

South Korean educational technology company i-Scream Media Corp. saw its stock price fall below its initial public offering (IPO) price on Friday, the first trading day on the secondary Kosdaq market.

Shares of i-Scream Media were trading at 25,750 won ($19.3) as of 11:02 a.m. on Friday, down 19.53 percent from its IPO price of 32,000 won.

The company owns EduBank AI, a digital multimedia educational content archive, and offers over 160 digital teaching tools and software services.

Its core products and services include i-Scream S, the first digital education platform in Korea, i-Scream Mall, the largest e-commerce platform for educational products in the country, and HiClass, the No. 1 notification app in the country.

Its service i-Scream S, in particular, has a 93 percent market share in elementary school classrooms.

The competition ratio during the bookbuilding session stood at a relatively low 31.3 to 1. The offering price was set at the lowest end of the desired price range of between 32,000 won and 40,200 won.

The company‘s mandatory holding commitment rate was 4.37 percent.

Meanwhile, the stock prices of Doosan Group-affiliated companies were mixed on Friday, following the conglomerate’s announcement that it withdrew its plan to merge Bobcat Inc. and Doosan Robotics Inc. in a comprehensive share exchange, which is a key part of its business restructuring plan.

Doosan Bobcat shares were trading at 39,850 won as of 11:04 a.m., down 5.23 percent from the previous day, while those of Doosan Robotics were up 0.87 percent at 69,900 won.

Doosan Corp. shares were also up 1.01 percent at 149,400 won, and Doosan Enerbility Co. shares were up 2.08 percent at 18,120 won.

On Thursday, Doosan Bobcat and Doosan Robotics each convened an emergency board meeting and resolved to cancel the planned comprehensive stock exchange agreement between the two companies.

The decision effectively canceled the plan to make Doosan Bobcat a fully-owned subsidiary of Doosan Robotics and delist Doosan Bobcat.