Medical device manufacturer Livsmed has begun the KOSDAQ listing process with a valuation in the trillion-won range.
On the 21st, Livsmed said it submitted a securities registration statement to the Financial Services Commission that day, kicking off the KOSDAQ listing process in earnest. It plans to conduct book building next month, take subscriptions in December, and aim to list within the year. Samsung Securities and Mirae Asset Securities are joint lead managers.
Livsmed plans to offer a total of 2.47 million shares in the listing. The desired price range is set at 44,000–55,000 won. Based on the top end, the expected offering size is about 135.9 billion won, and the post-listing market capitalization is estimated at about 1.3561 trillion won.
Livsmed started in 2011 as a medical device development startup. Its flagship product is the multi-joint laparoscopic surgical instrument "ArtiSential," which can rotate 90 degrees up, down, left, and right. First-half revenue this year was 21.1 billion won, up 117% from the same period last year.
Earlier, a sudden variable emerged as a patent dispute over ArtiSential technology delayed Livsmed's preliminary listing review. However, Livsmed recently won both the patent invalidation trial and the scope-of-rights confirmation trial, resolving uncertainties over the patent dispute.
In particular, Livsmed selected overseas surgical robot equipment makers as comparables based on an estimated 2027 net profit of 71 billion won, proposing a valuation exceeding 1 trillion won. Specifically, Medtronic, Stryker, and Intuitive Surgical were selected.
Livsmed plans to use the proceeds to expand production facilities and strengthen its global sales network. This is because it started simultaneous sales this month of the vascular closure device "ArtiSeal" in Korea, the United States, and Japan, and commercialization of the surgical robot "STARk" is also imminent.
Chief Executive Lee Jeong-ju of Livsmed said, "Livsmed is a surgical platform company, and our stage for competition is the global market, not the domestic one," adding, "A KOSDAQ listing will be the starting point for turning Livsmed's technological potential into reality."