A total of 4.6 trillion won in deposits poured into the retail subscription for HL Genomics' listing on the KOSDAQ market, a company specializing in active pharmaceutical ingredient production.
On the 14th, HL Genomics said it conducted a public offering subscription for retail investors over two days on the 13th and 14th, securing about 4.6 trillion won in subscription deposits.
A total of 427,858,080 shares were applied for the 641,250 shares allocated to retail investors. The total number of subscriptions was 207,429, and the competition rate came to 667.23 to 1.
HL Genomics, a company specializing in basic pharmaceutical substance manufacturing, was founded in 2000. It is said to have active pharmaceutical ingredient synthesis technology and GMP-based production and quality control capabilities.
Its flagship products include pitavastatin calcium, an ingredient for hyperlipidemia treatments, and S-amlodipine nicotinate, an ingredient for hypertension treatments. It was tallied to have posted 28.9 billion won in revenue and 9.3 billion won in operating profit last year.
Earlier, the company also recorded a competition rate exceeding 700 to 1 in a book-building for institutional investors. A total of 2,148 institutions participated, and the offering price was set at 21,500 won, the top end of the indicative range.
A KB Securities official who led the listing said, "Mid- to long-term growth potential appears to have come to the fore through the expansion of the second plant and the expansion of CMO (contract manufacturing) and CDMO (contract development and manufacturing) businesses."
In this listing, the company plans to raise new funds of about 36.8 billion won by offering 1.71 million shares (excluding secondary shares) at the finalized offering price. The entire amount will be used to build the second plant in Yongin.
Kim Ho-jin, CEO of HL Genomics, said, "With the IPO proceeds, we will strengthen our production infrastructure and leap forward as a partner-type active pharmaceutical ingredient production specialist that grows together with domestic and overseas finished drug companies."
Meanwhile, HL Genomics will be listed on the KOSDAQ market on the 24th after payment on the 16th. Its market capitalization after listing is estimated at about 167.3 billion won.