Myung In Pharm will list on the Korea Composite Stock Price Index (KOSPI) on Oct. 1.
This listing is the first initial public offering (IPO) on the KOSPI since the strengthening of the public offering lockup commitment system. Financial authorities introduced a preferential allocation system for lockup commitments in Jul. this year, giving priority for public offerings to institutional investors that promise not to sell in the short term.
The final offering price was set at 58,000 won, the top of the desired range. The company said, "69.6% of participating institutions presented lockup commitments, marking the highest level since the listing of LG Energy Solution," and added, "On top of this, about 17 trillion won in subscription deposits flowed in from retail investors, proving the heated investment appetite."
The company is well known for its gum disease adjunct therapy "IgaTan," and the areas it is currently focusing on to strengthen its pipeline are central nervous system (CNS) therapeutics and pellet-based global contract development and manufacturing organization (CDMO). In pharmaceutical formulations, pellets refer to small spherical or hemispherical granules containing active ingredients. Manufactured as multiple microparticles, they are filled inside capsules or used in tablet form.
The company plans to invest the funds raised through the IPO in research and development of the CNS new drug Evenamide and in expanding production facilities at Paltan Plant 1 and Balan Plant 2.
Chief Executive Officer Lee Haeng-myeong of Myung In Pharm said, "This listing is the starting point for Myung In Pharm to begin in earnest to prove its competitiveness in the global CNS market beyond the domestic market," and added, "With the listing as a catalyst, we will expand research and development investment and grow the pellet-based CDMO business to a global level, leaping forward as a world-class CNS-focused pharmaceutical company."