Dongbang Medical, a corporation specializing in oriental medicine and beauty medical devices, succeeded in its demand forecast targeting institutional investors to finalize the public offer price.
According to the financial investment industry on the 24th, Dongbang Medical confirmed the final public offer price at 15,000 won, the upper limit of the desired public offering range (9,000-10,500 won), following a demand forecast conducted for institutional investors from the 16th to the 22nd. The funds raised from the offering amount to 31.5 billion won, and the market capitalization after listing is 222.8 billion won.
A total of 2,241 institutions participated in this demand forecast, recording a competition rate of 910.14 to 1. Institutions that proposed prices above the upper band accounted for 97.3% of the total. Institutions that proposed below the band accounted for only 1.2%.
Dongbang Medical traces its origins to Dongbang Acupuncture Manufacturing, established in 1987. It changed to its current name following its incorporation in 2014. The company produces disposable oriental acupuncture needles, moxibustion, cupping, and HA (hyaluronic acid) fillers. It exports oriental medical devices not only to South Korea but also to China, North America, South America, and Europe.
Dongbang Medical is scheduled to conduct a public subscription for general investors on the 3rd and 4th of next month and will list on the KOSDAQ market on the 13th. NH Investment & Securities will serve as the underwriter for the listing.