Doosan Robotics Inc., a South Korean developer of collaborative robots, drew 3.5 trillion won ($2.6 billion) in deposits during the first day of public subscription for its initial public offering on Thursday.

According to industry sources, retail investors deposited 3.56 trillion won for 4.86 million new issues in Doosan Robotics on Thursday. Seven brokerages received subscriptions, which will continue until Friday.

Doosan Robotics is aiming to raise 126.3 billion won through the 4.86 million shares.

Korea Investment & Securities Co. and Mirae Asset Securities Co., the joint lead managers for the IPO, received 910.9 billion won and 1.37 trillion won in deposits, respectively. NH Investment & Securities Co., received 357.4 billion won, KB Securities Co. 655.4 billion won, Kiwoom Securities Co. 123.1 billion won, Shinyoung Securities Co. 30.9 billion won, and Hana Securities Co. 91.8 billion won.

KB Securities had the highest competition ratio at 92 to 1, while Shinyoung Securities had the lowest at 15 to 1. Korea Investment & Securities had a ratio of 43 to 1, Mirae Asset Securities 64 to 1, NH Investment & Securities 23 to 1, Kiwoom Securities 58 to 1, and Hana Securities had 43 to 1.

“It has been quite heated, especially considering the strong performance on the first day,” said one industry insider, projecting a high likelihood of success for the robot maker’s IPO, as a significant number of subscriptions typically come in on the last day.

Doosan Robotics confirmed previously its offering price at 26,000 won following demand forecasts among institutional investors that took place last week.

About 1,920 domestic and foreign institutions joined the book building session, which drew a competition ratio of 272 to 1. The total offering amount is expected to be about 421.2 billion won, with a post-listing market capitalization of about 1.69 trillion won.

By Oh Dae-seok and Chang Iou-chung

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