On the first day of Shinhan No. 16 Special Purpose Acquisition Company (SPAC) entering the KOSDAQ market on the 29th, it rose over 60% in early trading, showing strong performance.
As of 9:18 a.m. on that day, Shinhan No. 16 SPAC is trading at 3,300 won, up 1,300 won (65.00%) compared to its public offering price (2,000 won).
A special purpose acquisition company (SPAC) is a nominal company established solely for the purpose of acquiring and merging corporations. It must merge with an unlisted quality corporation within three years. If it cannot find a merger target, it will automatically be delisted.
Shinhan Investment Corporation, which is overseeing Shinhan No. 16 SPAC, recorded a competition rate of 1,678.66 to 1 in the public offering for general investors held from the 19th to the 20th of this month. It raised approximately 2.1 trillion won as subscription deposits.
The industry sectors targeted for mergers by Shinhan No. 16 SPAC include electronics and communications, software and services, biopharmaceuticals and medical devices, secondary batteries, gaming and entertainment, mobile, renewable energy, automotive parts, and advanced materials and nano-convergence.