SK Bioscience’s first day’Tasang’… Earned 800 million per employee

SK Bioscience CEO Ahn Jae-yong beats the drum at a ceremony to commemorate the new listing on the securities market held at the Korea Exchange in Yeouido, Seoul on the 18th. On the first day of listing, SK Bioscience’s stock price hit a ceiling. [뉴스1]

SK Bioscience, which has collected 64 trillion won of stock subscription margin, the largest in the history of the domestic stock market, finished its splendid debut.

SK Bioscience, which was listed on the KOSPI market on the 18th, had an initial price of 130,000 won, which is twice the public offering price (65,000 won). It is a so-called’dasang’ (the upper limit after the initial price is formed at twice the public offering price).

The stock price continued and closed at 169,000 won. The remaining purchase amount reached 6.32 million shares. The rate of return compared to the offering price is 160%, and if an investor who subscribed to the offering stock sold the stock that day, it would have made a profit of 104,000 won per share. SK Bioscience’s market cap reached 12,928.5 billion won, and jumped to 28th place in the KOSPI market cap (excluding preferred stocks).

Public offering investors cheered. Articles such as “How many times should I go to the ceiling” and “I made 6 million won today” were posted on the internet stock community. Investors who set out to realize profits also stood out. Park Mo (43), an office worker who received one week at the time of subscription, said, “I did not know how the market situation would change, so I immediately disposed of it as soon as I went straight to the upper limit.”

Attention is directed to whether or not to achieve the’Daesangsang’ (the upper limit for two days in a row after the initial price is formed at twice the public offering price). Experts say “I don’t know.” SK Biopharmaceuticals and Kakao Games, which recorded a’tasang’ after entering the stock market last year, recorded the upper limit for 3 trading days and 2 consecutive trading days, respectively, from the date of listing.

SK Bioscience, which was listed on the 18th, rose to the price limit (30%) from 9 o’clock after the initial price was formed at 130,000 won, which is twice the public offering price. [연합뉴스]

However, there are many analysts in the industry that there is sufficient short-term additional upside potential. First of all, the amount of commitments to be held by institutional investors reaches 85.27%. In particular, there is no high probability that short-term price adjustments will occur, as the amount of mandatory long-term holdings for more than three months exceeds half. Kim Ji-ha, a researcher at Meritz Securities, analyzed, “If a positive phase 1 result of the Corona 19 vaccine candidate (GBP510) comes out in the first half, the stock price will continue to rise.”

SK Bioscience executives and employees are now sitting on the’money cushion’. Of the 827 employees of this company, more than 600 employees participated in the subscription to employee stock ownership. The amount allocated through the employee stock ownership association is 4.49 million shares (approximately 2919 billion won), with an average of 7484 shares per person. On this day, the average valuation margin amounted to about 780 million won per person.

However, the employee stocks issued this time cannot be sold for one year. As a result, it is predicted that there may be one after another resigning to take advantage of the profit immediately, as when SK Biopharm was listed last year. On the first day of listing (July 2, 2020), SK Biopharm had an initial price of 98,000 won (a public offering price of 49,000 won), and since then, it has soared to the 200,000 won level as it recorded’tasangsang’. It became a topic.

On the other hand, there is also an opinion that there will not be a’resignation rush’ at SK Bioscience. First of all, there is a difference in the amount of profits, as the amount allocated per person is not as large as SK Biopharm. In addition, unlike SK Biopharm, which recorded a deficit in its first performance after listing, SK Bioscience is expected to improve its earnings after one year. In addition, some sales of Corona 19-related consignment production (CMO) and consignment production development (CDMO) that this company ordered will also occur this year.

Han Byeong-hwa, a researcher at Eugene Investment & Securities, said, “If the clinical data of the COVID-19 vaccine developed by SK Bioscience are good and can be released in the second half of next year, the market cap will be 16 trillion won or more like global vaccine companies Curevec and Novavex. It can be increased to 25 trillion won level.”

Reporters Hwang Eui-young and Kwon Yu-jin [email protected]