April 24, 2024

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[THE INVESTOR] Shares of Sinsin Pharmaceutical surged 30 percent on the first day of trading on the secondary KOSDAQ market on Feb. 28.

The drug maker’s shares are trading at 8,020 won (US$7.08) as of 1:30 pm, hitting the upper stock trading limit of 30 percent of the opening price. 

The price is also 78.2 percent above the initial offer price of 4.500 won.

The strong market debut is partly due to the lower IPO price, which was set at the bottom end of the suggested price range.

Founded in 1956, Sinsin’s flagship products are medical plasters and pain relief patches.

The company reported sales of 51.6 billion won and net profit of 3.9 billion won in 2015.

By Park Han-na (hnpark@heraldcorp.com)