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Hanssak gains 200% from IPO price on first day of Kosdaq listing

Collected: 2023.10.05

Distributed: 2023.10.06

Source: Go Direct

Hanssak CEO Lee Joo-do, third from left. [Courtesy of Korea Exchange]

Shares of Hanssak, a South Korean cybersecurity software company, surged by about 200 percent on its first day of trading, which began on Wednesday.

As of 9:17 am, Hanssak was trading on the Kosdaq market at 37,450 won ($27.5), a 199.60 percent compared to its initial public offering (IPO) price of 12,500 won.

Hanssak, founded in 1992, specializes in providing software solutions related to password management and artificial intelligence (AI) security. The company plans to use the proceeds from the listing to develop an AI-based disaster prediction solution and expand its presence in international markets.

During the previous book-building session for institutional investors, Hanssak set a remarkable competition rate of 840.74 to 1. The subsequent public offering also saw strong demand, with a subscription rate of 1,437.22 to 1 and approximately 3.4 trillion won in subscription deposits collected.

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