Shares of Samsung SDS, an IT services unit of South Korea’s top conglomerate Samsung Group, nearly doubled in price as it debuted on the Seoul bourse on Friday, reflecting expectations over the company’s role in the group’s forthcoming business reshuffle.
Samsung SDS was changing hands at 367,000 won ($333.30), far above the initial offering price of 190,000 won, in the first 15 minutes of trading, but slightly lower than the closing price in the over-the-counter market of 389,500 won on Thursday. It immediately became the fifth-largest company by market capitalization, which hit 28 trillion won. More than 14 million shares were traded minutes after the market opened.
The average target price by seven local brokerages houses was 418,600 won, with a range of between 350,000 won and 500,000 won. (Yonhap)
