Duksan Nepcorps (266690) rose as high as 28,700 Korean won on its KOSDAQ debut on September 30, up 96.58% from its 14,600-won offering price, before trading at 23,100 won at 9:22 a.m., still 58.22% higher. The listing was the first approved exception after South Korean financial regulators revised rules to prohibit dual listings in principle while allowing limited exemptions. Under the Duksan Group structure, unlisted Duksan Holdings sits above listed Duksan Hi-Metal, which previously held Duksan Nepcorps. Duksan Hi-Metal advanced the listing by distributing its stake in Duksan Nepcorps to minority shareholders as an in-kind dividend and securing shareholder approval. The company’s offering raised 43.8 billion won, with institutional demand recording an 868.64-to-1 competition rate and retail subscriptions a 332.82-to-1 ratio. Duksan Nepcorps reported 48.5 billion won in revenue and 4.1 billion won in operating profit last year, up 7.2% and 103.6%, respectively. Founded in 2012, it develops satellite, inertial and integrated navigation systems and anti-jamming equipment for defense, aerospace and other applications. Hanwha Aerospace accounted for 34% of revenue, LIG Defense & Aerospace 33% and Hyundai Rotem 15%. The company supplied satellite navigation receivers for the first through fifth launches of South Korea’s Nuri space rocket and says its equipment is planned for next-generation programs including the Korean-style Iron Dome and counter-small-drone systems.