Kakao Bank’s Debut Before Becoming a ‘Financial Leader’… Dasang is ‘Misfire’
According to the Korea Exchange on the 6th, Kakao Bank made its KOSPI debut at 69,800 won, up 29.98% from the original 53,700 won.
The start was a bit sluggish. The initial price was set at 53,700 won, 37.7% higher than the public offering price of 39,000 won, but soon turned to a downward trend. But soon after, it succeeded in a bullish turn and the opening jumped upwards.
Since then, it has drawn a terrifying upward curve , the volatility mitigation device (VI) was activated twice until 15 minutes. As the rise widened further, it approached the price limit in the afternoon.
The upper limit was recorded at the closing price of the stock market. Kakao Bank, which finished its regular market at 67,400 won (25.51%), reached its highest point in 5 minutes of simultaneous quotation and trading.
In this way, the supply and demand of foreigners and institutions had a great influence on showing this kindness. On that day, foreigners and institutions bought 4,151,371 and 1,168,273 shares, respectively, showing a double buying trend. On the other hand, individual investors sold 4,938,000 shares.
Based on the closing price of 69,800 won on the same day, Kakao Bank‘s market capitalization stood at 3316 trillion won, surpassing POSCO, Samsung C&T, Hyundai Mobis, and LG Electronics, and at once entered the 11th place in the KOSPI (excluding preferred stocks). It is only 1.5 trillion won away from Kia (34.7 trillion won), the 10th largest by market capitalization. In particular, in financial stocks, KB Financial with a market capitalization of 21 trillion won and Shinhan Financial Group with a market capitalization of 20 trillion won were all overtaken by major stocks.
Previously, Kakao Bank recorded a competition ratio of 1,733 to 1 in a demand forecast conducted for 1,667 domestic and foreign institutional investors from the 20th to the 21st of last month, and confirmed the offering price of 39,000 won. In the subsequent general public offering, overcoming the handicap of prohibiting duplicate subscriptions, the competition ratio was 182.7 to 1, and the margin was 58.3 trillion won, and it was a successful box office success.