[Asia Economy Reporter Hyunseok Yoo] Ray, a dental treatment solution company, announced on the 21st that it will raise a total of 63 billion KRW through a third-party allotment from major domestic and international institutions.
The total amount consists of 31.5 billion KRW in convertible bonds and 31.5 billion KRW in convertible preferred shares, totaling 63 billion KRW. The conversion price adjustment is up to 80%, with a 40% call option on the convertible bonds and a 20% call option on the convertible preferred shares, averaging a 30% call option. Both the nominal interest rate and maturity interest rate are 0.0%.
Through this fundraising, Ray plans to use the funds for establishing a joint venture in China, M&A for expanding dental businesses domestically and internationally, expanding production facilities, and development capital. Currently, the digital dentistry market, centered in China, is experiencing rapid growth. Ray Co., Ltd. is the only company that holds a full lineup of key equipment and software for digital dentistry.
This large-scale fundraising is expected to be used for purposes necessary to accelerate the company's growth. It is anticipated that Ray Co., Ltd.'s influence in the dental market will further increase through this fundraising.
Ray is currently a global leader in digital dental treatment solutions. 95% of its sales revenue is generated from overseas markets. It is the only domestic dental medical device manufacturer that possesses a full lineup of products from diagnosis to treatment.
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