Just like the good old days: IPO generates another market frenzy

Webzen Corp. soared through the roof yesterday, the first day it was traded on the Kosdaq exchange. The developer of the hit online game Mu was offered at 32,000 won ($28) in an initial public offering. After starting the trading day at 64,000 won, Webzen reached the day’s ceiling of 12 percent just one minute after trading started, and ended the day at 71,600 won. The paltry trade volume, 30 shares, meant that because of the daily price ceiling, Webzen’s price has not yet reached a trading range where holders are willing to unload. Whoever snapped up those 30 shares is an object of envy in the market. Most securities firms forecast that Webzen would reach more than 100,000 won, so holders sat patiently. Buy orders for the game maker were double the total listed shares in the company, 35 million. Another dot-com boom? The “Webzen effect” is spreading not just on the Kosdaq but on the main board. Hansol Capital Investment Corp. and Serome Technology hold interests in Webzen; Hansol has hit the daily upper limit of 15 percent for seven consecutive trading days, and Serome has bumped its head for two days in a row. Other computer game shares on the Kosdaq also rose. Hansol has surged 120 percent in eight sessions, closing at 3,040 won yesterday. Two computer game developers, Taff Systems and Sunny YNK, rose to the day’s limit of 12 percent. As the bulls snorted, securities stocks rose 4.1 percent on average yesterday. by Lee Ka-young