Kanaph Therapeutics rose sharply early on the morning of the 16th, its first day on the KOSDAQ market.
As of 9:19 a.m., Kanaph Therapeutics was trading at 59,800 won, up 39,800 won (199.00%) from its offering price (20,000 won). It hit "double" (twice the offering price) right after the open.
From the 23rd to the 27th of last month, Kanaph Therapeutics recorded a competition rate of 962.1 to 1 in a book-building for institutional investors. A total of 2,327 domestic and overseas institutions participated, and the offering price was set at the top end of the desired range (16,000 won to 20,000 won), at 20,000 won.
In the public subscription for retail investors held over two days on the 5th and 6th of this month, the competition rate was 1,899.29 to 1. About 9.5 trillion won in deposits for subscriptions was collected.
Founded in 2019, Kanaph Therapeutics is a company developing innovative new drugs based on the human genome. Aiming to develop next-generation therapies that can overcome the limits of existing treatments, it pursues a multi-modality strategy including bispecific antibodies, small-molecule drugs, and Antibody-Drug Conjugate (ADC).
The company plans to use the funds raised through the offering for items including: ▲ clinical trials for co-developed pipelines ▲ expansion of new pipelines ▲ strengthening research and development capabilities ▲ operating capital.