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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.