Myung In Pharm, the first initial public offering (IPO) of October, saw its shares jump in early trading on the 1st.
As of 9:05 a.m. that day, Myung In Pharm was trading at 118,700 won, up 60,700 won (104.66%) from the offer price (58,000 won). It achieved "double" (twice the offer price) right after the market opened.
Central nervous system (CNS) specialty pharmaceutical corporations Myung In Pharm recorded a competition rate of 488 to 1 in the book-building for institutional investors conducted from the 9th to the 15th of last month. A total of 2,028 domestic and foreign institutions participated, and the offer price was set at the top end of the desired range (45,000–58,000 won) at 58,000 won.
In the public subscription for retail investors held over two days on the 18th and 19th of last month, the competition rate was 587 to 1. About 17 trillion won in subscription deposits was gathered.
Founded in 1985, Myung In Pharm holds more than 200 prescription drugs, including treatments for schizophrenia, depression, and Parkinson's disease, as well as over-the-counter medicines such as Igatan and Maykin.
The company plans to strengthen its competitiveness in the CNS therapeutics market and the pellet-based global contract development and manufacturing organization (CDMO) market. To that end, proceeds from this offering will be invested in ▲ research and development of the CNS new drug Evenamide ▲ expansion of production facilities at the Paltan 1 plant and the Balan 2 plant.
Chief Executive Lee Haeng-myeong of Myung In Pharm said, "With the listing as a turning point, we will expand research and development investment and grow the pellet-based CDMO business to a global level to leap forward as a world-class CNS specialty pharmaceutical company."