Wise Planet Company (0010S0), a media commerce firm, surged more than 250% above its initial public offering price on its first day of trading on the Kosdaq market.
Shares traded at 42,500 won as of 9:15 a.m. on the 23rd, up 254.17% from the IPO price of 12,000 won, according to the Korea Exchange. The stock opened at 42,750 won and climbed as high as 46,000 won during the session before fluctuating around its opening level. Analysts attribute the strong performance in part to the limited free float on the debut, with tradable shares accounting for about 14.4% of total outstanding shares.
In bookbuilding conducted from the 4th to the 10th of this month among domestic and overseas institutional investors, Wise Planet Company drew demand of 1,248 times the shares on offer and set its IPO price at 12,000 won, the top end of its indicative range. Of the total volume submitted, 99.93% was bid at or above the upper end of the range, including bids that did not specify a price.
The retail subscription held on the 14th and 15th drew demand of 1,478 times the shares on offer, with deposits totaling about 3.55 trillion won.
Founded in 2013, Wise Planet Company identifies and develops consumer goods brands. Its portfolio includes Dr. PL filtered showerheads, bedding brand Nujam and the Irenol tone-up cream line. On a consolidated basis, the company posted revenue of 64.85 billion won and operating profit of 6.34 billion won last year.
Following the Kosdaq listing, the company plans to develop products tailored to the U.S. water care market, build direct-to-consumer channels through Amazon and its own online mall, expand the Dr. PL and Nujam lineups, and launch new products under the Irenol, Chaesikjuui and Citypie brands.
Wise Planet Company also said it will offer a shareholder benefits program to investors who took part in the retail subscription and to new shareholders who bought shares after the listing, available to anyone holding at least one share. Once shareholder status is verified, participants receive a 20% discount coupon for use at the official online stores of Dr. PL and Nujam.
The coupon can be issued after real-time shareholder verification through the shareholder benefits menu in the mobile trading service of Daishin Securities, the listing underwriter, or through the MyData services of select brokerages after verifying share holdings.
