SEOUL, March 22 (Korea Bizwire) – Aekyung Industrial Co., a South Korean household goods and cosmetics maker, debuted on the Seoul bourse Thursday, trading above its initial public offering (IPO) price.
Shares of Aekyung Industrial were trading at 30,950 won (US$29) as of 11:20 a.m., slightly above the IPO price of 29,100 won. Its market capitalization was 811 billion won.
The company said it aims to reach 1 trillion won in sales in 2020 by increasing investment in research and development, as well as expanding its cosmetics and overseas businesses.
Sales of cosmetics items, which accounted for 15 percent of the firm’s total revenue in 2015, rose to account for 23.1 percent in 2016 and 36.9 percent at the end of the third-quarter in 2017, according to the company.
Aekyung Industrial plans to accelerate its overseas push beginning with the Chinese market based on its local unit that was set up in Shanghai last year.