The pharmaceutical and electronic advanced materials contract development and manufacturing organization (CDMO) corporation IT-CHEM announced on the 25th that it finalized its desired public offering price at 16,100 won, the upper limit of the price band, after completing demand forecasting from the 17th to the 23rd.
A total of 2,304 domestic and international institutions participated in this demand forecasting, requesting a total of 1,273,780,000 shares. The simple competition ratio is 1,157.98 to 1.
In particular, among the institutions participating in this demand forecasting, 25.5% presented a commitment to hold. This is the highest level among newly listed companies entering the KOSDAQ market this year. The average commitment ratio for recent KOSDAQ initial public offerings (IPOs) has fallen below 5%.
IT-CHEM plans to use the funds raised from this IPO to establish a new production facility in Geosan County, Chungbuk, that meets GMP certification requirements. This facility is designed to effectively respond to the increasing demand from pharmaceutical and electronic materials customers, equipped with the latest production protocols and global quality audit response systems.
In addition, IT-CHEM plans to expand its product portfolio centered on high-value-added materials such as ▲ next-generation organic light-emitting diode (OLED) materials ▲ oligo peptide intermediates ▲ heavy water domestic production and recycling commercialization, and to continuously broaden its global customer base through business expansion into promising future areas.
IT-CHEM is scheduled to conduct general subscriptions over two days from the 28th to the 29th and aims to list on the KOSDAQ market on August 7. KB Securities is in charge of the listing's lead managing.