South Korean Biotech Company Soars in Debut to Become $8 Billion Stock
- Share price more than doubled from its initial offering price
- Becomes Korea’s fourth biggest healthcare stock, worth $8.2b
An attendee stands underneath a screen during the SK Biopharmaceuticals Co.'s IPO ceremony at the Korea Exchange (KRX) in Seoul on July 2.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
SK Biopharmaceuticals Co., a biotechnology arm of SK Group in South Korea, surged to more than double the company’s initially offered price during its trading debut in the nation’s largest first share sale in three years.
The stock soared 159% from the IPO price in Seoul, boosting its market cap to 9.9 trillion won ($8.2 billion). SK Biopharmaceuticals now has the largest equity value among health-care stocks trading in the South Korea after Samsung Biologics Co., Celltrion Inc and Celltrion Healthcare Co.