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SK Biopharmaceuticals Shares Record Third Day of Double-Digit Growth

Published 07/06/2020, 01:36 AM
Updated 07/06/2020, 01:41 AM

By Gina Lee – South Korea’s SK Biopharmaceuticals saw a third day of double-digit gains on Monday, with shares up 30% at KRW214,500 ($221.587) by 1:18 AM ET (6:18 AM GMT).

Shares for the pharmaceutical arm of conglomerate SK Holdings opened at KRW98,000 on July 2 on their debut, and quickly hit the KRW127,000 KOSPI market limit, which prohibits stock from increasing 30% daily. The company followed up the soaring debut to close at KRW165,000, or a 29.92% gain, a day later.

The IPO priced the offering of 19.57 million shares at KRW49,000, the top of the range, in June. The company raked in around KRW959.30 billion ($799.07 million).

SK Biopharmaceuticals’ successful outing has raised hopes for other biopharmaceutical companies who have delayed their plans to list due to the COVID-19 pandemic and the volatility in the equities market. In April, COVID-19 test kit maker Solgent Co picked Mirae Asset Daewoo as its underwriter in preparation for its own potential listing on the KOSDAQ board.

Meanwhile, parent company SK Holdings' (KS:034730) shares were down 2.21% at KRW266,000 ($221.587) by 1:34 AM ET (6:34 AM GMT).

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