G2GBIO, a corporation developing prolonged-release pharmaceuticals, secured 3 trillion won in the general public offering.
On the 6th, G2GBIO announced that it had conducted an offering for retail investors from the 5th to the present day, raising about 3.0675 trillion won in subscription deposits.
There were 302,409 applications for the allocation of 225,000 shares for retail investors, resulting in a subscription ratio of 470.1 to 1.
G2GBIO, a corporation specializing in prolonged-release platform technology, was established in 2017. It is reported to be actively engaged in joint research with developers of obesity treatments that require administration once a week, as it can extend the duration of efficacy.
The earlier demand forecasting for institutional investors was successful, with 2,446 institutions participating, recording a ratio of 810.6 to 1, and the final offered price was confirmed at 58,000 won, the upper end of the band.
This year, among corporations in the pharmaceutical and bio sectors participating in technology-based listings, G2GBIO set a record for the number of demand forecasts and the ratio of binding holding commitments.
G2GBIO will offer all of its 900,000 shares as new shares in this listing. The offering amount is estimated at 52.2 billion won, and the market capitalization after listing is estimated at 311.2 billion won.
Lee Hee-yong, CEO of G2GBIO, noted, "With the public offering funds, we will build a second factory and expand our core pipeline to lead the prolonged-release injection platform market."
Meanwhile, G2GBIO is scheduled to be listed on the KOSDAQ market on the 14th after payment on the 8th. The underwriter of the listing is Mirae Asset Securities.