A view of the dealing room at Hana Bank’s main branch in Jung-gu, Seoul. [출처 : 연합뉴스]
Even in the new year, the public offering frenzy is not cooling down. However, last month, new stocks that entered the stock market with a splash of ‘tattable’ (4 times the public offering price) saw their stock prices drop by half from the closing price on the first day of listing. The analysis is that the stronger the stock price rise on the day of listing, the more rapid the subsequent stock price adjustment, so investors need to take a cautious approach.
According to the securities market on the 27th, KNS closed trading at 43,000 won, up 1,300 won (3.12%) from the previous day.
KNS is a new stock listed on the KOSDAQ market on the 6th of last month. On the first day of listing, trading was completed at 92,000 won, a 300% increase from the public offering price of 23,000 won. This is the first stock to record a ‘tatable’ since the upper limit of price fluctuation on the day of listing for newly listed stocks was expanded from 160% (‘tatabble’) to 300% at the end of June last year. However, the current stock price has fallen 53.3% from the closing price on the first day of listing. The stock price was cut in half in just one and a half months.
Last month, three tabble stocks appeared, including KNS. However, there is no company that has maintained the high stock price level immediately after listing. DS Danseok, whose public offering price was 100,000 won, closed at 400,000 won on the 22nd of last month, the first day of listing. However, the closing price on this day was 202,000 won, a 49.5% drop in the stock price.
LS Materials’ public offering price rose from 6,000 won to 24,000 won on the 12th of last month, the day of listing. Since then, the stock price has continued to rise sharply, hitting the upper limit twice, rising to 51,500 won during intraday trading on the 20th of last month. However, the current stock price is 31,450 won, down 38.9% from its high point.
Stock price trend after listing of KNS [출처 : 구글 파이낸스]
Even as the stock prices of stocks that recorded negative results last month are falling significantly, multiple negatives are appearing one after another among newly listed stocks this month. Following Woojin Entech, the first newly listed company of this year, which succeeded in being listed on the 24th, Hyundai Hims also joined the ranks of being listed on the same day.
Until this day, three companies, including Woojin Entech, HB Investment, and Hyundai Hims, were newly listed, and two of them recorded a double hit. HB Investment also showed an increase rate of 235.3% compared to the public offering price at one point during the day on the previous day, the first trading day.
Securities companies are expressing concern that investment enthusiasm for new stocks may be overheated. All six IPO companies that conducted demand forecasts this year confirmed their public offering prices as they exceeded the upper end of the desired range. Due to the higher public offering price, the stock price soars four times on the day of listing. This is because after the so-called ‘new opening effect’ disappears, the pattern of stock prices returning to their original position is repeated, and many investors suffer large losses after engaging in follow-up purchases.
Kim Soo-hyun, a researcher at DS Investment & Securities, said, “The public offering market centered on small and medium-cap stocks and the increased price limit provided high returns on the day of listing, but sluggish stock prices thereafter were inevitable.” “A stock-centered approach where the proposed direction of the business matches actual performance is effective,” he said.
2024-01-27 04:18:38
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