South Korea s SKIET shares debut at double IPO price channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
SKIETâs first-day pop moderates after stock debuts at double IPO price By Syndicated Content
By Heekyong Yang and Scott Murdoch
SEOUL/HONG KONG (Reuters) â Battery material maker SK IE Technology Co Ltd (SKIET) saw its stock hover up 50% on its debut day, pulling back from market open when it started trade at double the price set during its record-breaking initial public offering (IPO).
SKIETâs shares opened at 210,000 won on Tuesday, valuing the manufacturer at about 15 trillion won ($13.44 billion).
They dropped as much as 26% from that peak as the day wore on, compared with a 1.5% fall in the KOSPI benchmark share price index.
Korean battery maker SKIET shares debut at double IPO price
May 11, 2021
South Korean battery material maker SK IE Technology Co Ltd (SKIET) saw its stock debut on Tuesday at double its initial public offering (IPO) price, amid rising expectations of electric vehicles (EVs) displacing those powered by fossil fuel.
SKIET’s shares opened at 210,000 won, valuing the manufacturer at about 15 trillion won ($13.44 billion).
The listing comes as automakers worldwide increasingly add and even replace traditionally powered cars in their line ups with new-energy alternatives such as fully electric vehicles.
SKEIT supplies separators, a key component in lithium-ion batteries, to battery makers including SK Innovation Co Ltd, Samsung SDI Co Ltd, LG Energy Solution Ltd and Japan’s Panasonic Corp. Last year, revenue from the component made up 56% of total sales, accelerating from 19% in 2018.
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SEOUL/HONG KONG (Reuters) - Battery material maker SK IE Technology Co Ltd (South Korea’s SKIET) raised $2 billion in its initial public offering (IPO) which attracted the hottest demand ever for a deal in South Korea, the company said in a statement Monday.
FILE PHOTO: The logo of SK Innovation is seen in front of its headquarters in Seoul, South Korea, February 3, 2017. REUTERS/Kim Hong-Ji
SKIET’s shares were priced at 105,000 won each which was the top of the range announced in a regulatory filing last month to raise about 2.2 trillion won ($1.98 billion).
The listing, which parent company SK Innovation Co Ltd said will take place on May 11, will be the biggest in South Korea since gaming company Netmarble Corp raised 2.7 trillion won in its IPO in May 2017, according to Korea Exchange data.
South Korea s SKIET raises $2 billion in country s hottest ever IPO reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.