SEOUL, Sept 17 — Shares in the world’s biggest shipbuilder Hyundai Heavy Industries more than doubled from their initial public offering price when they made their stock trading debut on Friday.
The Hyundai Heavy flotation price was set at 60,000 Korean won, but they rocketed to 135,000 won in the first hour of trading in Seoul, up 125 per cent. More than 1,600 domestic and foreign institutional investors applied for shares during the flotation process earlier this month. The offering raised 1.08 trillion won.
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