May 28, 2024

On Thursday, October 5, shares of Doosan Robotics finally hit the open trading market after its initial public offering (IPO). Surprisingly, the shares broke a record as they witnessed more than a double surge from the (IPO) price.

The shares amassed a whopping 127% increase in value, reflecting a spike in the demand for robotics stocks in South Korea. Notably, Doosan Robotics boasts innovative robotics to make coffee and pour beer for users.

Doosan Robotics Shares Soar More Than Double The IPO Value

Doosan Robotics bagged the largest IPO for 2023 in South Korea through its early sales that generated about 421.2 billion won (worth $317 million). The shares are at the top of a price range for investors, leveled at 26,000 won per share during the IPO.

Doosan Robotics shares debuted trading in the Seoul market at 59,100 won per share, a surge of 127% from its IPO price. Gradually, the value of the share rose to 67,600 won during early trading hours, indicating a 160% intraday increase. Finally, the share closed its first trading day at 51,400 won, about 98% up from its IPO value.

However, the broader market closed with a dip of 0.1% for the day. Doosan Robotics is a leading company manufacturing collaborative robots that function alongside humans. Its products include robot arms that can complete tasks like loading, assembling, welding, etc. The robots have found increased use for operations in cafes and bars.

Investors Increasing Demand For Robotics Stocks

The strong impact of Doosan’s trade debut is a unique outcome among recent IPO debutants globally. The stories are always different for the brands. Many could be immediately sold out, while some may struggle to keep afloat their IPO values in the week of debut.

Seo Jae-ho, an analyst at DB Financial Investments, revealed the possible factor driving the surge. He stated:

Due to the recent high market interest in the robot sector, there is a risk of short-term stock price volatility.

The increasing demand for robotics stocks has scaled up the value of several robot-based shares. A competitive firm, Rainbow Robotics, has recorded about 312% year-to-date increment in the value of its shares.

However, the demand for Doosan Robotic’s IPO was more prominent and stronger than other recent IPOs, mostly in financial centers such as Hong Kong. According to Reuters, data from LSEG revealed that South Korean firms generated about $1.7 billion in new proceeds between January and September 2023.

However, this value is down compared to last year’s figure of $12.7 billion within the same period. LG Energy, a battery manufacturer, conducted the largest IPO in South Korea in 2022. The company realized up to $10.8 billion through the sales of its shares.

Further, some upcoming IPOs in the country have targeted high valuations through their initial offerings. The state-backed Seoul Guarantee Insurance Company is set for a valuation of 3.4 trillion won. Ecopro Materials (battery component makers) and HD Hyundai Global Service target about $1 billion within H1 2024.

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