IntoCell, which is pushing for a listing on the KOSDAQ, has confirmed the offering price at 17,000 won.
According to the Financial Supervisory Service on the 12th, IntoCell conducted demand forecasting for institutional investors for five trading days from the 29th of last month to the 8th of this month and set the offering price at the upper end of the desired offering price range, which is 17,000 won.
IntoCell previously proposed a desired offering price range of 12,500 to 17,000 won with its listing underwriter, Mirae Asset Securities.
A total of 2,391 institutions participated in the demand forecast, and it was found that 99.4% of participating institutions presented prices above the desired offering price range. The competition ratio was recorded at 1,151.5 to 1.
IntoCell is a research and development (R&D) company focused on antibody-drug conjugates (ADCs), founded by CEO Park Tae-kyo, a co-founder of LigaChem Biosciences, and has attracted attention since the beginning of its listing push.
The company has exported its technology platform to ADC Therapeutics and also signed a joint research contract for new drug candidates with Samsung Bioepis. Last year's revenue was 3 billion won, with a net loss of 9.9 billion won.
Mirae Asset Securities noted, "Based on its independent technology, we have succeeded in overcoming the limitations of existing ADC technology and receiving positive interest and evaluation from investors."
With the confirmation of the offering price at 17,000 won, the total amount raised is expected to reach 25.5 billion won. The estimated market capitalization after listing is projected to be about 252.1 billion won.
Meanwhile, IntoCell plans to go public on the KOSDAQ on the 23rd after a public subscription for general investors over two days on the 13th and 14th.