Haechi Tech Enters KOSDAQ ① Haechi Tech's Offering Price Plummets -30%…September 25 'Overhang Time Bomb' Ticking

Semiconductor fabless company Haechi Tech is trading below its offering price by 30% just four days after entering KOSDAQ. On September 25 next month, 9.9% of shares held after listing are set to be released from their lockup period, which includes venture capital shares facing fund maturity, indicating that supply pressure will intensify further.

According to the Korea Exchange on the 28th, Haechi Tech was trading at 16,040 won as of 1:40 p.m., down 4.8% from the previous day. This represents a decline of 30.3% compared to the offering price of 23,000 won.

Haechi Tech's debut on the KOSDAQ market on the 25th was disappointing. The stock opened at an initial price of 20,500 won, below the offering price, and fell to a low of 13,900 won during the session, closing at 13,930 won—a 39.4% plunge compared to the offering price. Subsequently, on the 27th, the stock surged 20.2% on sector rotation trading of new listings, and on the 28th climbed to 19,720 won in early trading before reversing gains and experiencing continued volatility.

The problem lies ahead. According to the securities registration statement, 547,017 shares (9.90% of post-listing shares) held by venture capital and specialized investors, excluding lead underwriter DB Securities, are subject to mandatory lockup until one month after listing—September 25—in accordance with KOSDAQ listing regulations. This includes shares held by Hyundai Technology Investment Hydrogen Fund, which holds 5.80% (263,388 shares) of Haechi Tech. Securities analysts note that the fund faces imminent maturity, making disposal of these shares inevitable.

Haechi Tech had circulating shares of 2,119,460 at the time of listing, accounting for 38.35% of total shares, making it structurally burdened with supply concerns. If an additional 9.9% is released, nearly half of the company's shares will become tradable within a month of listing.

Signs were present from the offering stage itself. Out of 750,000 shares allocated to institutional investors, subscriptions reached only 710,000 shares, resulting in 40,000 unallocated shares (920 million won worth), which were underwritten by lead underwriter DB Securities at its own account. The retail subscription rate also fell short at 25.7 to 1.

However, shares held by the largest shareholder will remain off the market for the time being. Choi Sung-min, the representative director, and three other persons with special relationships to the largest shareholder have committed to voluntarily holding all 2,459,000 shares they own (44.49% of post-listing shares) for three years from the listing date. On the 28th, five new disclosure reports including Choi's report on large shareholdings were simultaneously filed with the Financial Supervisory Service's electronic disclosure system. The combined stake of Choi's side stands at 44.90%.