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(LEAD) SK Biopharmaceuticals rises by daily limit for 2nd straight day

Stocks 16:24 July 03, 2020

(ATTN: RECASTS headline, first 3 paras with updated info)

SEOUL, July 3 (Yonhap) -- SK Biopharamceuticals Co. Ltd. rallied by the daily limit on Friday to hit another record high following a surge in its market debut the previous day.

The unit of South Korean conglomerate SK Group spiked by the daily permissible 30 percent to close at 165,000 won (US$137.39).

SK Biopharamceuticals, the largest initial public offering (IPO) of the year, closed at 127,000 won on the first day of its market debut, sharply up from the IPO price of 49,000 won.

The company now stands as the 22nd most-valued stock on the main bourse with a market cap of 12.9 trillion won.

Prior to its IPO, investors chipped in 31 trillion won in deposits to buy the drugmaker's stocks, the largest in the country's IPO history, for its growth potential amid the coronavirus pandemic.

The company raised some 960 billion won via IPO, the largest stock offering of the year. The IPO offering also marks the highest since the 1 trillion-won IPO deal by Celltrion Healthcare in 2017.

SK Biopharamceuticals was spun off in 2011 from the life science unit of SK Group that holds a 75 percent stake.

Korea Exchange CEO Jung Ji-won (4th from L), SK Biopharmaceuticals CEO Cho Jeong-woo (5th from L) and financial industry leaders clap their hands during the bio firm's stock market listing ceremony at the KRX headquarters in Seoul on July 2, 2020. (Yonhap)

jwc@yna.co.kr
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