[Hantech's KOSDAQ Debut] ① Hantech's IPO Price Crashes 30%...Sept. 25 'Overhang Time Bomb' Ticking

Semiconductor fabless company Hantech is trading below its IPO price by 30% just four days after its KOSDAQ debut. With 9.9% of post-listing equity scheduled for lock-up release on September 25 due to upcoming venture fund maturities, supply and demand pressures are expected to intensify further.

According to the Korea Exchange on the 28th, Hantech was trading at 16,040 won as of 1:40 p.m., down 4.8% from the previous day. Compared to its IPO price of 23,000 won, this represents a 30.3% decline.

Hantech's performance on its first day of KOSDAQ listing on the 25th was grim. Opening at 20,500 won, below the IPO price, the stock plunged to a low of 13,900 won during the session, closing at 13,930 won on a 39.4% crash relative to the IPO price. Subsequently, it surged 20.2% on the 27th riding the new listing theme rotation, and continued volatile swings, rising to 19,720 won in early trading on the 28th before retreating.

The problem emerges next month. According to the securities registration statement, 547,017 shares (9.90% of post-listing equity) held by venture capital and professional investors, excluding lead underwriter DB Securities, are subject to mandatory lock-up until one month after listing under KOSDAQ regulations—specifically until September 25. This includes shares held by Hyundai Technology Investment Hydrogen Fund, which owns 5.80% (263,388 shares) of Hantech. Market sources note that the fund faces an imminent maturity deadline, making share disposals inevitable.

Following its listing, Hantech had freely tradable shares of 2,119,460 units, representing 38.35% of the total, making it inherently burdened with supply and demand pressures. With an additional 9.9% becoming tradable next month, nearly half of all shares will be available for trading just one month after listing.

Signs appeared from the IPO stage itself. Out of 750,000 shares allocated to institutional investors, subscriptions reached only 710,000 shares, resulting in 40,000 unsubscribed shares (worth 920 million won), which lead underwriter DB Securities acquired on its own account. Retail subscription competition reached only 25.7-to-1.

However, shares held by the largest shareholder will not enter the market for now. Four individuals including CEO Choi Sung-min, the largest shareholder and related parties, have committed to mandatory voluntary lock-up of all their 2,459,000 shares (44.49% of post-listing equity) for three years from the listing date. On the 28th, five new reports regarding the listing, including Choi's report on large shareholdings, were submitted to the Financial Supervisory Service's electronic disclosure system. The combined stake of Choi's side is 44.90%.