Shares of the company, which uses robotics to manufacture things like coffee and beer pouring arms, were priced at 26,000 won. The shares were launched at 59.100 won per share, which was 127% more than the IPO price. The shares had reached 67,600 won at one point.
Analysts attribute the positive reaction to the pent-up interest in robotics stocks. This is evident from smaller companies like Rainbow Robotics which has recorded gains of 312% so far this calendar year. Doosan’s IPO trading success is a rarity, as many others struggled to stay above their debut prices a few days after listing.
According to LSEG, South Korean firms have raised approximately $1.7bn new proceeds in the year 2023. This is a small amount compared to the $12.7bn that was raised in the same time period of 2022.
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Last year, LG Energy Solution, a battery maker, shook up the South Korean market when it raised $10.8bn with its IPO – the largest this country has ever seen. Experts stated that investor interest in the Doosan’s listing exceeded expectations, especially since global interest hikes damaged share sales.
Doosan is a company that believes in capitalising on labour shortages.