HD Hyundai Marine's opening price up 44% on first day on Kospi

Industry

Published: 08 May. 2024, 19:25 Updated: 08 May. 2024, 20:14

HD Hyundai Marine's opening price up 44% on first day on Kospi

From left to right, starting from fifth, HD Hyundai Vice Chairman Chung Ki-sun, Chairman of Korea Exchange Jeong Eun-bo and CEO of HD Hyundai Marine Solution Lee Ki-dong pose for a photo at HD Hyundai Marine Solution' Kospi listing ceremony. [HD HYUNDAI MARINE SOLUTION]

The opening price of HD Hyundai Marine Solution, the ship aftermarket subsidiary of HD Hyundai, marked 119,900 won ($88.2) on the first day of its Kospi listing, up 43.8 percent from the offering price of 83,400 won.

The stock closed at 163,900 won, and its market cap reached over 7 trillion won.

"We plan to grow into a company that leads the infinite possibilities of the sea that HD Hyundai aims for," said Lee Ki-dong, CEO of HD Hyundai Marine Solution, at the listing ceremony event in Korea Exchange, Yeouido, central Seoul.

HD Hyundai Marine Solution plans to use the funds raised from the listing to lead the global eco-friendly ship market and accelerate the transition to a digital solution-based platform company. It is poised to construct and upgrade logistics centers, secure domestic and overseas port warehouses, acquire ship management companies, and establish cloud management systems and shipyard networks.

HD Hyundai Marine Solution garnered 25 trillion won from subscription deposits, a record high for this year's IPO market.

BY CHOI HAE-JIN [choi.haejin@joongang.co.kr]