Tesla supplier Myoung Shin tops IPO subscription rates

The Korea Times | Dec 1, 2020 at 8:42 AM
  • The local automotive parts company that owns unique hot stamping and quenching technology has been gaining much interest from investors, as the firm supplies auto parts for Tesla’s Model 3 sedans, along with other car manufacturers including Hyundai Motor and Kia Motors.
  • About 37 percent of the firm’s yearly revenue of 775 billion won ($700 million) in 2019 came from Tesla, while the remaining 63 percent came from Hyundai and Kia.
  • Reflecting the ever-rising global interest in electric vehicles (EVs) and their rosy outlook, Myoung Shin’s IPO subscription rate for retail investors reached 1476.64:1, an all-time high for the KOSPI, easily replacing the previous record of 1318.29:1 set in early November with the IPO of Kyochon Chicken.