Remedy, a medical device manufacturer, is experiencing a decline of over 17% on its second day of trading due to profit-taking by investors.
As of 2:48 PM on July 14, Remedy's shares were trading at 18,220 won, down 3,780 won (17.18%) from the previous trading day, according to the Korea Exchange. The stock opened at 23,000 won and briefly rose to 23,150 won early in the session before selling pressure caused a downturn.
On its first day of trading, Remedy closed at 22,000 won, a 6.28% increase from its initial public offering price of 20,700 won. However, the significant drop on the second day is attributed to a surge in profit-taking and a general decline in investor sentiment across the KOSDAQ market.
Founded in 2012, Remedy develops and manufactures portable X-ray devices based on low-dose, high-resolution X-ray imaging technology.
In a public offering held on July 1-2, the company recorded a competitive subscription rate of 1,706.71 to 1, indicating strong interest from general investors.
Remedy initially sought to list on the KOSDAQ in May 2022 but withdrew its application after the preliminary review. It attempted to pursue a technology-based listing in 2024 but did not pass the review. After enhancing its business performance and technological competitiveness, the company successfully completed its third attempt at listing.
* This article has been translated by AI.
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