HD Hyundai Vice Chairman Chung Ki-sun, fifth from left, and other dignitaries celebrate the listing of the HD Hyundai Marine Solution on the KOSPI market at the headquarters of the Korea Exchange (KRX) in Seoul, Wednesday. They include, from Chung's right, CEO of the KRX Jeong Eun-bo and HD Hyundai Marine Solution CEO Lee Ki-dong. Courtesy of KRX

HD Hyundai Marine Solution is considered as being the biggest IPO of the first half of this year. It made a significant debut on the stock market, landing at 53rd in terms of market capitalization.

According to the Korea Exchange, Wednesday, HD Hyundai Marine Solution closed at 163,900 won ($120.12), a 96.52 percent increase from the offering price of 83,400 won. Its market cap reached over 7 trillion won.

Its stock price saw a 40 percent increase during the morning session and gained even more in the afternoon. At one point, it soared to 166,100 won, nearly doubling from the initial public offering price.

However, it ultimately failed to double or quadruple, contrary to market expectations, which had been heightened by strong demand from institutional investors and the public.

During its public offering on April 25-26, the company achieved a record competition ratio of 255.8:1, attracting approximately 25 trillion won in subscription deposits. This set the highest record for this year's IPO market.

It is questionable whether the stock price will continue its bullish trend.

Of the 4,417,880 shares available for trading, 44.8 percent are owned by institutional investors who did not enter into a lock-up agreement, which would have restricted them from selling their shares for a specified period. Notably, 99.9 percent of the shares held by foreign institutional investors, totaling 1,957,267 shares, are not subject to a mandatory holding agreement. This means they could be sold at any time, potentially dragging down the stock price.

Established by spinning off from HD Hyundai Heavy Industries in November 2016, the company offers comprehensive services across the entire lifecycle of ships. In 2023, it reported revenues of 1.4 trillion won.

"I feel grave responsibility as we stand at the starting point for a new leap," HD Hyundai Marine Solution CEO Lee Ki-dong said. "We aim to develop the company into a leader that explores the infinite possibilities of the sea, as envisioned by HD Hyundai."