More than 17 trillion won in deposits poured into the general subscription for Myung In Pharm, which is seeking a KOSPI listing.
On 19th, Myung In Pharm said it secured 1.73634 trillion won in deposits after conducting an initial public offering subscription for general investors over two days on 18th–19th.
A total of 59,873,689,0 shares were received for the 1.02 million shares offered to general investors. The total number of subscriptions was 532,366, and the competition rate came to 587 to 1.
Myung In Pharm, founded in 1985, is the No. 1 pharmaceutical company in the central nervous system (CNS) prescription drug market, including schizophrenia and depression treatments. It is better known for over-the-counter drugs such as the oral supplement "Igatan" and the constipation medicine "Maykin."
On the back of strong demand in the earlier institutional investor book building, the offering price was set at the top end of the desired range, 58,000 won.
Myung In Pharm plans to use the proceeds for research and development and to expand production facilities. The offering amount is 197.2 billion won, and its market capitalization after listing is expected to be about 846.8 billion won.
Lee Haeng-myeong, CEO of Myung In Pharm, said, "Building on investors' trust, we will accelerate research and development and global business expansion to grow into a CNS specialty pharmaceutical company recognized not only in Korea but around the world."
Meanwhile, Myung In Pharm will go public on the Korea Exchange's main board (KOSPI) on 1st after the payment date on 23rd.