Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, more than doubled its initial public offering price on its first trading day Thursday after raising 1.5 trillion won ($1.35 billion), the country’s largest IPO in four years.

Stocks of Cheil Industries closed at 113,000 won, up 7,000 won, or 6.6 percent, from its opening price of 106,000 won. The IPO price was 53,000 won, the top of its marketed range. The country’s key stock index, the KOSPI, shed 0.14 percent.

The median target price for Cheil Industries offered by eight brokerage houses was 95,400 won, with some suggesting over 125,000 won.

Cheil Industries immediately became the 14th most valuable firm on the local bourse with a market capitalization of 15.26 trillion won.

The company’s IPO success is a big win for the group owner family. The company is 45.56 percent owned by Samsung Group owner Lee Kun-hee and his three children. The value of their stock holdings is now estimated at some 7 trillion won. (Yonhap)