SK Bioscience dropped for a fourth consecutive day Wednesday as investors sour on new listings that have failed to live up to expectations.
SK Bioscience has fallen for two of the three days since its listing, down now by almost a quarter from its peak, with retail investors hit hardest.
SK Bioscience made a hot debut on the local stock market Thursday, soaring to its maximum trading ceiling of 169,000 won ($150) just two minutes after the market’s opening.
SK Bioscience started trading on the local stock market Thursday with a starting price of 130,000 won ($116), double the subscription price of 65,000 won.
SK Bioscience will start trading on Thursday as a Kospi constituent.
SK Bioscience, a vaccine maker that has manufactured coronavirus vaccines, is set to begin trading as a 5-trillion-won ($4.38-billion) company after successfully closing subscriptions for its initial public offering (IPO) Wednesday.
SK Bioscience attracted some 14.15 trillion won ($12.4 billion) of deposits on the first day of retail book building Tuesday for an oversubscription rate of 75.87 times.
The first shipment of AstraZeneca’s Covid-19 vaccines rolled out Wednesday ahead of a free nationwide inoculation program that starts Friday, which the prime minister described as a “step toward returning to daily life.”
Korea signed separate deals for vaccines from U.S. pharmaceutical companies Novavax and Pfizer to inoculate an additional 23 million people, Prime Minister Chung Sye-kyun announced Tuesday.
SK Bioscience will manufacture and distribute Novavax's Covid-19 vaccine in Korea. Under the licensing deal, SK Bioscience will deal directly with Korean authorities for domestic vaccine supplies.