Doosan Robotics shares surge in South Korea’s biggest IPO of the year

Shares of Doosan Robotics surged in their first day of trading on South Korea’s stock exchange Thursday after the company raised more than $310 million in the country’s biggest IPO of the year.

Shares of the South Korean collaborative robot-arm maker affiliated with conglomerate Doosan Corp., opened at 59,100 Korean won ($43.67) apiece, more than double the initial public offering price of KRW26,000.

The stock later pared some of its early strong gains but continued faring well, trading comfortably above KRW53,000 for most of the morning session.

Doosan Robotics’ strong performance brought its estimated market capitalization to almost KRW4 trillion ($2.96 billion) based on total common shares issued so far.

The country’s largest manufacturer of robot arms successfully raised KRW412.20 billion ($304.6 million) in its IPO last month. It had priced shares at the top of its marketed range in the oversubscribed offering, with retail investors offering to buy up to KRW33 trillion of the stock, a record amount in South Korea for 2023.

Established in 2015, Doosan Robotics reported revenue of KRW44.9 billion and an operating loss of KRW13.2 billion for 2022, according to the Korea Exchange.

Its chief executive told local media in September that he expects the company to turn a profit in 2024.

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