Mobile remote patient monitoring corporation MEZOO set the top end of its IPO price range through a book-building with domestic and overseas institutional investors.
MEZOO said on the 13th that in the book-building held from the 5th to the 11th, it recorded a competition ratio of 1,108.93 to 1 and finalized the offering price at the top end, 21,600 won.
Based on the finalized offering price, MEZOO's offering size is about 29.1 billion won. Its market capitalization after listing is expected to be 209.9 billion won.
Of the 2,320 institutions that participated in this book-building, 1,775 (76.5%) offered lockup commitments. Among them, 1,209 (52.1%) offered long-term lockups of three months or more, and 556 (24.0%) committed to six months.
An official at Shinhan Investment & Securities, which led the listing, said, "Even as external uncertainty persists, interest from domestic and overseas institutional investors during this book-building was very strong," and added, "The fact that 99.48% of all participating institutions offered prices at or above the top end of the range shows the market's confidence in MEZOO's technology and growth potential."
MEZOO plans to concentrate the funds secured through this offering on financing its push into global markets. Key uses include building distribution networks focused on advanced markets such as North America and Europe, local sales and marketing, technology demos, strengthening joint research, and advancing AI-based prediction and diagnostic technologies.
Park Jeong-hwan, CEO of MEZOO, said, "With this listing as a turning point, we will accelerate full-scale top-line growth and continue to grow based on differentiated technological competitiveness."
Meanwhile, MEZOO plans to accept subscriptions from retail investors on the 16th to 17th of this month. The KOSDAQ listing is scheduled for the 26th of this month.