The contrast agent manufacturing corporation Dongguk Life Science has begun the initial public offering process for its listing on the KOSDAQ market.
Dongguk Life Science noted that it submitted a securities registration statement to the Financial Services Commission on the 16th. This comes about four months after receiving preliminary approval for listing on Aug. 29, with a goal to list in January next year.
The corporation plans to raise 2 million shares in this offering. The desired offering price range is set at 12,600 to 14,300 won per share. Based on the upper limit, the anticipated total amount from the offering is 28.6 billion won.
The firm selected a total of five comparable companies, including Green Cross Corporation, Daewoong Pharmaceutical, Youngjin Pharmaceutical, IlYang Pharmaceutical, and Hanmi Pharmaceutical, to calculate its valuation. The estimated market capitalization based on the upper limit of the desired offering price is 228.7 billion won.
Founded in May 2017, Dongguk Life Science currently holds the number one market share in the domestic contrast agent market. Last year's sales were recorded at 120.2 billion won, with a net profit of 4.2 billion won.
Dongguk Life Science has stated it aims to utilize the proceeds from the offering to expand its production infrastructure for contrast agents and strengthen its research and development capabilities. It also plans to expand overseas sales.
CEO Park Jae-won of Dongguk Life Science said, “The goal and hope of this listing is to advance in the contrast agent business and leap forward as a leading global healthcare company.”
Meanwhile, Dongguk Life Science will conduct a demand forecast from Jan. 6 to 10 next year, followed by public subscriptions for general investors on Jan. 14 and 15. NH Investment & Securities and KB Securities are in charge of the listing.