Medical device manufacturer Sky Labs saw its stock rise over 23% on its first day of trading on the KOSDAQ, exceeding its initial public offering (IPO) price.
According to the Korea Exchange, as of 9:34 a.m. on September 4, Sky Labs was trading at 12,310 won, up 2,310 won (23.10%) from its IPO price of 10,000 won.
Sky Labs debuted on the KOSDAQ today, with its opening price set at 8,500 won, 15% lower than the IPO price. The stock initially dipped to 8,200 won but quickly reversed course and began to climb.
Prior to the listing, Sky Labs recorded a competitive ratio of 63.41 to 1 in demand forecasting for institutional investors. However, the subscription rate for general investors was only about 2.9 to 1, and the final IPO price was set at 10,000 won, below the lower end of the expected range of 13,000 to 16,000 won. The proportion of institutional investors with a commitment to hold their shares was also low, at just 0.17% by quantity.
The rise in stock price on the first day is attributed to expectations surrounding Sky Labs' medical data platform business and its expansion into international markets.
Founded in 2015, Sky Labs specializes in manufacturing medical devices, with its primary product being a cuffless continuous blood pressure monitoring device.
The company's flagship product, the CART BP pro, is designed to measure blood pressure changes continuously for 24 hours during daily activities and sleep. Sky Labs plans to utilize the continuous blood pressure and multi-vital data collected through this device for clinical trials, real-world evidence, remote monitoring, and medical AI, using its proprietary artificial intelligence algorithms.
Sky Labs is also looking to expand its international business. In the first half of this year, the company generated approximately 2.6 billion won of its total revenue of 5 billion won from overseas sales. In the United States, it is preparing for local clinical trials with the goal of obtaining Food and Drug Administration (FDA) approval by the end of 2027.
However, improving financial performance remains a challenge. Last year, Sky Labs reported total revenue of 7.936 billion won, with an operating loss of 14.725 billion won and a net loss of 62.995 billion won. Korea Investment & Securities served as the underwriter for the IPO.
* This article has been translated by AI.
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