Doosan Robotics trades at double its offering price on first day of trading

A collaborative robot named E-series developed by Doosan Robotics [DOOSAN]

Doosan Robotics is trading about twice its offering price of 26,000 won on the main Kospi bourse on the first day of going public, while its parent company is plunging in the market.

As of 1 p.m. Thursday, the robot supplier is trading at 50,600 won ($37.6) after peaking at 67,600 won earlier that day.

Doosan Robotics opened at 59,100 won, up 127.3 percent from its offering price.

Meanwhile, its parent company Doosan is trading at 95,200 won, down 16 percent from the previous trading day.

Stock prices can move in a range between 60 and 400 percent of their initial offering price on the first trading day.

Doosan Robotics is Korea’s largest collaborative robot supplier. Proceeds from the initial public offering will be used to improve production capacity and research and development capabilities, the company said.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]