Major South Korean shipbuilder Hyundai Heavy Industries shares were priced at 60,000 won ($51.90) apiece, the top of its indicative range for its initial public offering amid strong demand, the firm said in a regulatory filing Monday.

The shipbuilder wrapped up its two-day book building Friday. While institutional investors placed bids to obtain the firm’s new shares from its initial public offering, a total of 1,633 domestic and foreign institutions participated.

The competition marked 1,836-to-1, the second most competitive book building result among newly listing firms to the nation’s main board. It was fiercer than KakaoBank’s score of 1,733-to-1 in July but less competitive than SK ie technology’s 1,883-to-1, which recorded the best showing in the local IPO history in April.

Following the fierce competition, Hyundai Heavy’s share price has been fixed at the top end of its indicative price range at 60,000 won, while the company previously suggested a share price band of 52,000-60,000 won.

“We would like to thank all the institutional investors who valued both our capacity and growth potential high. We are certain that our company will secure sweeping competitiveness by opening a new chapter through the IPO,” said Han Young-seuk, CEO of Hyundai Heavy Industries.

Local investment banking sources said the market capitalization of the firm after the upcoming market debut is anticipated to reach up to 5.33 trillion won. The company has achieved No. 1 position in global shipbuilding industry. Under the outstanding status, it has delivered 2,069 ships to 323 shipowners in 52 nations since its establishment in 1972, they said.

Shipbuilding industry is one of the sectors that is sensitive to economic changes. Amid the country’s economy on a recovery track, Hyundai Heavy’s IPO at this time is evaluated as a fairly positive event, market watchers said.

“Traditionally, the shipbuilding industry has been a material sector showing a strong performance especially on an economic recovery track. ... Considering the recent signs of recovery from the pandemic, it would affect positively on Hyundai Heavy Industries’ listing,” said Na Seung-doo, an analyst at SK Securities.

The domestic shipbuilding industry is looking ahead to another heyday on the back of a global shipping volume recovery and heightened demands for vessel replacements as they are approaching end of the life cycles. The global shipbuilder is likely to benefit from the factor over the next five years, according to NH Investment & Securities analyst Choi Jin-myung.

Ahead of entering the Kospi market on Sept. 16, the shipbuilder’s two days of public subscriptions are slated to kick off Tuesday. By floating 18 million common shares on the domestic stock market, the company aims to raise up to 1.08 trillion won in IPO proceeds.

Mirae Asset Securities, Korea Investment & Securities and Credit Suisse Securities are the lead underwriters of the IPO deal, while Hana Financial Investment and KB Securities are participating as members of the underwriter group.