Trading of newly listed stocks
Introduction

In the case of newly listed stocks that were subject to the 'Opening Price Method,' the method is no longer applied as part of 『Measures to Improve soundness of IPO Market』 announced by the Financial Services Commission. Instead, the public offering price - the issue price at the time of offering or sales - is applied as the base price on the first trading day, and the price limit of 60~400% of the base price is applied on the day of the new listing.

Trading Method
  • 08:30~09:00 : Place bids and offers
    • Acceptable quotation range : Within the range of 60% and 400% based on the base price which is in principle the public offering price
  • 09:00 : The opening price is decided by single price call auction
  • After 09:00 : Continuous trading within the price limit of 60% and 400% based on the base price which is in principle the public offering price
    주의The single price call auction for deciding the opening price could be extended up to 30 seconds after 9am since the Random End rule is put in place for every single price call auction.
Base Price
  • In principle, the issue price at the time of offering or sales – the public offering price - is applied as the base price on the newly listed stock on the newly listing day. For the detailed information, please refer to Annex 1-4 of the Enforcement Rules of the KOSDAQ Market Business Regulation.
Cases when applying the existing Opening Price Method
Introduction

In case where it is difficult to calculate the appropriate theoretical price in such cases as capital reduction, relisting and listing change after corporate spin off, and etc., 'Opening Price Method' is applied where the opening price determined in the market through a single price call auction is adopted as the base price for the day. In this case, the first price executed by the bid and ask orders received within a certain range of prices during the call auction period from 08:30 to 09:00 is adopted as the base price. After determining the base price at 09:00, trade matching is conducted continuously within the daily price limits based on that base price.

Trading Method
  • 08:30~09:00 : Place bids and offers
    • Acceptable quotation range : Within the range of at least 1 KRW and at most 300% based on the appraisal price (Depending on the cases, the acceptable quotation range varies. For the detailed information, please refer to Annex 1 of the Enforcement Rules of the KOSDAQ Market Business Regulation.)
  • 09:00 : The opening price is decided by single price call auction
  • After 09:00 : Continuous trading within the daily price limit of 30% band based on the opening price.
    주의The single price call auction for deciding the opening price could be extended up to 30 seconds after 9am since the Random End rule is put in place for every single price call auction.
Appraisal Price
  • Please refer to Annex 1 of the Enforcement Rules of the KOSDAQ Market Business Regulation.