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Sept. 16, 2021, 10:58 p.m. EDT

Korean shipbuilder Hyundai Heavy Industries skyrockets in trading debut

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By Justina Lee

Shares of South Korea’s Hyundai Heavy Industries Co. surged at their trading debut as investors welcomed exposure to one of the world’s largest shipbuilders.

Shares rose as much as 125% from the company’s initial public offering price to 135,000 won in early trading Friday.

The company raised about $935 million from its IPO earlier this month. It plans to use the proceeds for new-technology investments, debt repayment and working capital.

The IPO comes as global shipbuilding is recovering after a multi-year slump, helped by rising demand for vessels amid a pickup in global trade.

Hyundai Heavy Industries is planning to acquire rival Daewoo Shipbuilding pending regulatory approvals in South Korea, Japan and the EU.

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