HK Innoen IPO Price Set at 59,000 Won... Demand Forecast Competition Ratio 1871 to 1

General Subscription Scheduled for This Month 29-30... KOSDAQ Listing on Next Month 9

[Asia Economy Reporter Minwoo Lee] HK Innoen, which is preparing for a listing on the KOSDAQ market, has set its public offering price at 59,000 KRW following a demand forecast from institutional investors.

HK Innoen announced on the 28th that the public offering price was decided after conducting a demand forecast targeting domestic and international institutional investors from the 22nd to the 26th. This amount corresponds to the upper limit of the expected price range.

Accordingly, HK Innoen will raise a total of 596.9 billion KRW through this initial public offering (IPO). The market capitalization after listing is expected to reach 1.7054 trillion KRW.

The demand forecast competition rate was 1,871 to 1, marking the highest ever for the KOSDAQ market and the bio-pharmaceutical sector. A total of 1,627 institutions (1,356 domestic and 271 overseas) invested, and 32.9% of participating institutions offered prices exceeding the upper limit of the public offering price range.

Subscription for general investors will take place on the 29th and 30th. Individual investors can subscribe through the lead managers, Korea Investment & Securities and Samsung Securities. The KOSDAQ market listing date is scheduled for the 9th of next month.

HK Innoen, formerly CJ Healthcare, is a biohealth company that launched the hangover relief drink "Condition." It holds over 160 prescription drugs across seven disease areas including circulatory and digestive systems, including Korea's 30th new drug for gastroesophageal reflux disease, "K-CAB." Among these, 13 prescription drugs have annual sales exceeding 10 billion KRW each.

Kang Seokhee, CEO of HK Innoen, said, "We sincerely thank domestic and international institutional investors who positively evaluated HK Innoen's research and development capabilities and growth potential," adding, "We will show our emergence as a world-class biohealth company in the future."