NH Investment & Securities Signs IPO Underwriting Agreement with AI Medical Solution Company Huino

[Asia Economy Reporter Lee Seon-ae] Huino, an artificial intelligence medical solution platform, announced on the 17th that it has selected NH Investment & Securities as the lead underwriter and signed a lead underwriting contract.

NH Investment & Securities is regarded as the best IB house in Korea, having successfully led major listings such as Big Hit and SK Biopharm last year. Huino plans to begin full-scale preparations for listing on KOSDAQ following this underwriter selection, aiming for a listing as early as 2022, and plans to consider various options including a technology-special listing.

Huino is a company researching AI-based wearable medical solutions. It develops several digital healthcare platforms such as the watch-type electrocardiogram (ECG) monitor (MEMO Watch), patch-type ECG monitor (MEMO Patch), and AI ECG analysis software (MEMO A.I).

Through its self-developed medical devices, Huino provides remote monitoring services to patients and hospitals. Huino’s flagship brand, MEMO Patch, received Korea’s first ‘u-healthcare electrocardiograph’ product approval from the Ministry of Food and Drug Safety in December last year.

The largest shareholder of Huino is CEO Gil Young-jun. Dr. Gil Young-jun, who holds a Ph.D. in computer engineering, founded Huino in July 2014 based on his doctoral thesis topic, ‘Blood Pressure Estimation Model Using Multiple Biological Signals.’

Besides CEO Gil, Yuhan Corporation also holds a 12% stake in Huino. In March last year, Yuhan Corporation made a strategic investment of a total of 8 billion KRW in Huino to promote the distribution of oral anticoagulants (NOAC) and enhance competitiveness in ECG device technology.

In addition, several financial investors (FIs) such as Korea Development Bank, Industrial Bank of Korea, Synergy IB Investment, Daily Partners, Smilegate Investment, AJU IB Investment (027360), Neoplux, and Shinhan Capital also hold shares.

CEO Gil stated, “It is estimated that there are 12 million potential ECG disease patients in Korea. We want to be a company that helps save patients’ lives by developing wearable devices using biological signals,” adding, “We will develop medical devices that diagnose diseases quickly and accurately based on AI and grow into a company that has a positive impact on the world.”

Kim Jung-gon, head of ECM at NH Investment & Securities, who is in charge of the listing underwriting, said, “Remote monitoring-related services have not been active domestically so far, but due to the recent COVID-19 situation, the non-face-to-face remote medical market is expected to grow,” and added, “Since Huino is the first company to receive product approval in this market, Huino’s technological capabilities and growth potential will be further highlighted in the future.”