Medical device manufacturer Remedi lists on the Korean KOSDAQ on July 13, while HL Genomics conducts its public subscription on July 13-14. Remedi's offering attracted 2246 institutional investors with a 1146:1 competition ratio during demand forecasting, and retail investors submitted 512 million shares for 300,000 allocated shares, resulting in a 1701:1 ratio. HL Genomics set its final offering price at KRW 21,500, the upper end of its range, after 94.8% of institutional demand concentrated at that level. The Korean IPO market sees active participation in July's third week as multiple companies finalize public offerings and lock-up periods expire for earlier listings.
Remedi Lists on KOSDAQ July 13 Following High Subscription Demand
Remedi, a medical device manufacturer, enters the KOSDAQ on July 13. The company's demand forecasting attracted 2246 institutional investors with a 1146:1 competition ratio. Retail subscription on July 1-2 received 512 million shares for 300,000 allocated shares, producing a 1701:1 ratio. The offering price was set at KRW 20,700, the upper end of the proposed range. On listing day, the stock will trade within the price limit range of KRW 12,420 to KRW 82,800 (60% to 400% of the offering price).
Founder and largest shareholder Irena holds 43.91% of the company, while four special related parties including Song Jun-ho hold 7.69%. After the public offering, the largest shareholder and special related parties will hold 43.23%, subject to a three-year sales restriction. Including the largest shareholder group, shares restricted from sale for one year or more total 3,403,689 shares (44.63%). Including shares restricted for one month or more, the total restricted shares on listing day amount to 4,496,631 shares (58.96%), leaving 3,129,160 shares (41.04%) available for circulation. Of the freely tradable shares, public offering shares account for 1.2 million shares (15.74% of total shares).
Remedi develops, manufactures, and sells portable X-ray imaging devices and non-destructive testing solutions for medical and industrial applications based on proprietary technology. The company expands its business scope to industrial inspection, telemedicine, aerospace, and AI-based digital imaging solutions using miniaturization technology, attracting interest in public procurement overseas.
HL Genomics Sets Offering Price at KRW 21,500 for July 13-14 Subscription
HL Genomics conducts its public subscription on July 13-14. The refund date is scheduled for July 16, and the listing date is July 24. The proposed offering price range was KRW 18,500 to KRW 21,500. The final offering price was set at KRW 21,500 after 94.8% of subscription demand concentrated at the upper end.
HL Genomics is an affiliate of Hallim Pharmaceutical (unlisted), which holds 100% of its shares. The offering consists of 855,000 existing shares from Hallim Pharmaceutical's 6 million shares and 1.71 million new shares. Existing shares account for 33.3% of the offering, while new shares account for 66.67%. After the offering, parent company Hallim Pharmaceutical's stake will be 66.27%, subject to a two-and-a-half-year sales restriction.
HL Genomics plans to raise KRW 55.1 billion by offering 2,565,000 total shares. The company plans to use the proceeds for factory expansion. In its securities registration statement on July 2, the company stated that the production capacity of its existing Plant 1 has reached its limit, requiring KRW 76.5 billion in facility investment for Plant 2 expansion. The company aims to transition from a Hallim Pharmaceutical-dependent sales structure to an independent pharmaceutical company with its own sales foundation.
KB Securities serves as lead underwriter, and IBK Securities as co-underwriter. KB Securities underwrites 2,308,500 shares, and IBK Securities underwrites 256,500 shares. Of the total 2,565,000 shares, institutional investors receive 75% allocation, and retail investors receive 25%.
HL Genomics supplies raw materials for pharmaceutical products to finished drug manufacturers. The company has established its position in the active pharmaceutical ingredient market with a diverse product lineup centered on high-difficulty, high-value-added products. It is the first of Hallim Pharmaceutical's five affiliates to list on the stock market.
Lock-Up Expirations Scheduled for Zestech, StradVision, Mad Up
The first mandatory holding commitment releases for institutional investors in companies listed in late June begin this week. Mandatory holding commitment shares represent institutions' commitment not to sell shares for a certain period after listing, typically 15 days.
Zestech, listed on June 29, has its 15-day mandatory holding commitment shares (181,110 shares) released on July 14. StradVision, listed on June 30, has its 15-day mandatory holding commitment shares (189,714 shares) released on July 15. Mad Up, listed on July 1, has its 15-day mandatory holding commitment shares (488,053 shares) released on July 16.
Current stock prices trade below offering prices. Zestech, a precision motion control specialist, surged 240% on its first trading day but has since declined below its offering price of KRW 12,500. StradVision, an autonomous driving vision recognition software company, fell 40% from its offering price of KRW 12,000 on its first day and currently trades around KRW 4,000, one-third of the offering price. Mad Up, with an offering price of KRW 8,000, reached KRW 22,500 on listing day but has since declined to near its offering price.
FAQ
What is Remedi's offering price and listing date?
Remedi set its offering price at KRW 20,700, the upper end of its proposed range, and lists on the KOSDAQ on July 13. The company's retail subscription produced a 1701:1 competition ratio.
When does HL Genomics conduct its public subscription?
HL Genomics conducts its public subscription on July 13-14, with a final offering price of KRW 21,500. The refund date is July 16, and the listing date is July 24.
