IMBiologics achieved a "ttadabble (a quadruple jump from the offer price)" on its first day of listing on the KOSDAQ market on the 20th.
As of 9:26 a.m. on the 20th, on the KOSDAQ market, IMBiologics was trading at 104,000 won, up 78,000 won (300%) from the offer price (26,000 won).
From the 27th of last month to the 6th of this month, IMBiologics recorded a competition rate of 839.23 to 1 in a book-building for institutional investors. A total of 2,333 domestic and overseas institutions participated, and the offer price was set at the top of the desired range (19,000–26,000 won), 26,000 won.
In the public subscription for retail investors held over two days on the 11th and 12th of this month, the competition rate was about 1,806 to 1. About 11.7 trillion won in subscription deposits was collected.
Founded in 2020, IMBiologics develops antibody-based treatments for autoimmune diseases and immuno-oncology. Chief Executive Ha Kyung-sik, formerly head of the Bio Research Center at HK inno.N (formerly CJ Healthcare), founded the company in 2020 with key researchers.
The company's lead pipeline, "IMB-101," is a bispecific antibody therapy that simultaneously inhibits TNF-α, a key factor in inflammatory responses, and OX40L, an immune cell activation signal. It has entered global phase 2 clinical trials targeting the indication of hidradenitis suppurativa.
The company plans to secure clinical data in the second half of next year and then pursue a re-licensing or strategic partnership with a global big pharma.