HLGenomics prices Kosdaq IPO at top of range at 21,500 won a share
What's the deal? HLGenomics, a South Korean active pharmaceutical ingredient (API) maker, set its IPO price at 21,500 won per share — the top of its 18,500 to 21,500 won range. The company confirmed the price on July 10 after an institutional bookbuilding drew strong demand.
Why now? The bookbuilding, held July 2 to 8, drew 2,148 domestic and foreign institutions and a subscription ratio of 714.5 to 1. Some 98.5% of participants bid at or above the top of the range.
What's the endgame? HLGenomics produces high-quality active pharmaceutical ingredients, led by three core products: the cholesterol drug ingredient pitavastatin calcium, the hypertension ingredient S-amlodipine nicotinate, and the allergy ingredient bepotastine besilate.
The company plans to invest 100% of the IPO proceeds in expanding its second plant in Yongin. It aims to strengthen supply stability and grow into contract manufacturing (CMO), contract development and manufacturing (CDMO), and vaccine microneedle businesses.
What's next? HLGenomics will hold a two-day public subscription starting July 13 and list on the Kosdaq market on July 24. KB SecuritiesDealroom has a profile for this one. Try Dealroom → is lead underwriter, with IBK Investment & SecuritiesDealroom has a profile for this one. Try Dealroom → as co-underwriter.
Chief executive officer Kim Ho-jin said the listing will help the company "advance its production infrastructure and strengthen global-level quality competitiveness" to become "a partner-type API company that grows alongside domestic and international finished-drug makers."
The signal: Pricing at the top of the range, backed by a heavily oversubscribed book, points to appetite for Korean pharmaceutical suppliers positioned to serve CMO and CDMO demand.
Read more: edaily
Image credit: Generated with Gemini
