SNSys, a shipbuilding equipment and integration solutions company, celebrated its successful listing on the Korea Securities Dealers Automated Quotations (KOSDAQ) market, in Seoul, South Korea’s secondary stock market. The stock opened at 55,200 won (roughly $40.60) as of 9:32 a.m., soaring 84% above its IPO price of 30,000 won, and climbed as high as 56,800 won during trading, nearly 1.9 times its offering price.
The ceremony held at Yeongdeungpo-gu was attended by few of the well-known personalities, including Kim Dae-young, Vice Chairman of the Korea IR Council, Lee Mi-hyun, Head of the KOSDAQ Market Division at the Korea Exchange, Bae Jae-hyuk, CEO of SNSys, Chung Geun-soo, President of Shinhan Investment & Securities, Kang Wang-rak, Vice Chairman of the KOSDAQ Association and many more.
The successful debut underscores SNSys's growing popularity in the shipbuilding industry and its potential for future growth in the Korean market.
The company was formed in June 2017, S&SYS designs and manufactures key ship and offshore plant components, including switchboards, ballast water treatment systems, navigation control solutions, etc. The company drew strong investor interest during its book-building process for institutional investors, recording a competition rate of 739.2 to 1. The IPO price was set at the top of the desired range, 30,000 won. Retail investors also showed strong interest, with a competition rate of 1,472 to 1 and total deposits of 10.49 trillion won.
The company's successful debut underscores its growing prominence in the shipbuilding industry and its potential for future growth in the Korean market. The goal is to actively respond to the autonomous ship market by expanding eco-friendly product lines and combining AI platforms. In the case of new businesses, it plans to diversify the business into key equipment markets in the land (data center, semiconductor, bio, etc.) and marine (oil, gas, offshore plant, wind power, etc.).