Kido Industries, a specialized OEM manufacturer of global outdoor and motorcycle apparel, will enter the KOSDAQ market on the 21st. Having recorded a competition rate exceeding 200 to 1 in the institutional demand forecast, the biggest point of interest on its listing day is whether the stock can generate early price momentum above the offering price. In particular, market attention is focused on whether the so-called 'double double' will occur on the first day of trading.

■ Offering Price of 28,400 Won… Institutional Competition Rate of 213.31 to 1

Kido Industries' final offering price was set at 28,400 won, the top of the desired price band (24,800 to 28,400 won). The total number of shares offered is 1.7 million, with the offering amounting to 48.3 billion won.

The competition rate in the institutional investor demand forecast was 213.31 to 1. The volume allocated to general public subscription was between 425,000 and 510,000 shares, with Mirae Asset Securities and Samsung Securities handling the subscription.

■ 'Double Double' on Listing Day… 113,600 Won Is the Benchmark

Newly listed stocks can trade within a wide price range based on the offering price on the day of listing, meaning large fluctuations may occur depending on early supply and demand. Based on the offering price of 28,400 won, four times that level is 113,600 won. However, whether the price surges on listing day cannot be predicted in advance, and actual stock prices are determined by buying and selling supply and demand.

According to the Korea Exchange, the price limit for regular KOSDAQ stocks is normally 30% above or below the base price, but a separate price formation system applies to newly listed stocks on their first trading day.

■ Founded in 1980… Operates Six Production Corporations in Four Countries Including Vietnam

Established in August 1980, Kido Industries has expanded its business foundation over more than 40 years as a specialized OEM manufacturer in the motorcycle and outdoor apparel sectors. It has focused on the technical apparel market based on high-functional fabric processing technology and long-term trading relationships with global brands.

Its production base is widely dispersed overseas. The company operates a total of six overseas production corporations in four countries: Vietnam, Bangladesh, Indonesia, and Myanmar. This structure reduces the risk of production capacity being concentrated in a specific country while securing competitiveness in labor and production costs.

■ Outdoor and Motorcycle Apparel Account for 99% of Revenue… Export Share of 67.8%

The core of the business is outdoor and motorcycle apparel. Related products account for more than 99% of total revenue, and as of 2025, exports account for approximately 67.8%. In effect, the company has an export-driven business structure in which orders from global brands and overseas apparel market trends have a relatively greater impact on performance than the domestic consumer market.

Outdoor apparel, unlike general sewn garments, places high importance on materials and processing technology. Kido Industries produces products for hiking, trekking, camping, and casual use centered on woven fabrics requiring waterproofing, windproofing, breathability, and durability. In particular, it handles high-spec products incorporating high-functional laminate materials such as Gore-Tex and down fill. It also employs relatively advanced manufacturing processes such as seam sealing, which prevents water from penetrating through sewn seams, and welding, which bonds fabrics using heat or pressure.

Motorcycle apparel is likewise a field requiring higher levels of safety and durability than general clothing. Kido Industries has built its business portfolio by supplying OEM products targeting global premium brands in both the outdoor and motorcycle sectors.

■ Supply and Demand Variables Are Key on Listing Day

However, on the first day of listing, supply and demand factors—such as profit-taking volume from IPO investors, institutional mandatory holding commitments, and the number of shares available for circulation immediately after listing—can strongly influence the stock price alongside the company's mid- to long-term performance. Overall investment sentiment in the IPO market may also be a variable.

Kido Industries, which set its offering price at the top of the band and recorded a competition rate of 213.31 to 1 in the institutional demand forecast, will see what kind of first report card it receives on its KOSDAQ debut—and in particular, whether it can approach the 'double double' territory that IPO investors are hoping for—become the key points to watch early in the session on the 21st.

[This article was written with AI assistance. It is an informational article based on public offering materials and disclosures, and does not constitute a recommendation to invest in any specific stock. Newly listed stocks may experience greatly expanded price volatility immediately after listing depending on supply and demand, and there is also a possibility of the price falling below the offering price. Responsibility for investment decisions rests with the investor.]