Its shares traded at 21,500 won (US$16.08) in after-hours trading around 4:30 p.m., up 40.52 percent from their IPO price of 15,300 won. The stock opened at 30,350 won and climbed to an early high of 34,500 won, more than double its offering price, before retreating to a session low of 20,200 won.
Heavy demand from investors fueled the strong debut as bids for the Oct. 20-21 public offering reached 1,253.39 times the shares on offer, bringing in roughly 5.75 trillion won in deposits.
Institutional demand was also strong, with 2,274 domestic and overseas institutions participating in the IPO pricing process, generating demand 1,041.02 times the shares available. The IPO price was set at the top of the proposed range of 12,600 won to 15,300 won.
Founded in 2014, TNE Korea develops and manufactures high-speed turbomachinery used to compress and supply air and gas for industrial and energy applications. Its main products include turbo blowers for wastewater treatment facilities, air blowers for hydrogen fuel cell power generation and air compressors for hydrogen-powered vehicles.
The firm posted first-half revenue of 21.1 billion won, up 180 percent from a year earlier, and an operating profit of 3.5 billion won, driven by increased sales of air blowers used in hydrogen power generation.
It plans to use proceeds from its IPO to expand production facilities, strengthen research and development and develop products for additional applications including semiconductor manufacturing and aerospace.
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