Stocks Spike for Hyundai Heavy Industries

After making their trading debut on September 17, the largest shipbuilder in the world, Hyundai Heavy Industries closes at 86% above their initial public offering (IPO), raising a total of $935 million.

Hyundai Heavy Industries reported that all domestic and foreign institutional investors bids totaled at $962.3 billion.

Hyundai Heavy has plans to use the investments to fund continued new technology development in smart shipyards, digital ship technology and other future tech.

“If stronger green regulations and testing of new fuels lead to increased demand for eco-friendly ships that replace older fleets, Hyundai, which makes both ships and engines, is well-placed to be competitive.” Meritz Securities analyst Kim Hyun stated.