Voronoi Withdraws IPO... "Will Reattempt Listing Considering Market Stabilization Timing"

[Asia Economy Reporter Hyungsoo Park] Boronoi, a drug design specialist company, announced on the 16th that it has submitted a withdrawal report for its IPO to the Financial Supervisory Service.

A Boronoi official stated, "We conducted a demand forecast targeting institutional investors to determine the public offering price," and explained, "Considering various conditions such as the difficulty in accurately evaluating the corporate value amid the recent market environment with increased volatility, we canceled the remaining schedule."

Recently, the domestic stock market has shown high volatility due to external market instability caused by Russia's invasion of Ukraine and the US FOMC's interest rate hike movements. Boronoi decided to withdraw its IPO after consulting with its lead joint underwriters, Korea Investment & Securities and Mirae Asset Securities, taking into account various aspects such as corporate value reassessment and investor protection after listing.

Boronoi plans to focus on strengthening corporate value through research and development and technology transfer. In fact, over the past two years, it has completed a total of four technology transfers (License-Out), including three US technology exports. Holding a track record exceeding 2.1 trillion KRW, it attracted market attention by recording the largest scale of technology exports among companies planning an IPO.

Kim Daegwon, CEO of Boronoi, said, "We thank the investors who showed great interest in Boronoi despite the recent turbulent market atmosphere," and added, "As Boronoi's future growth potential is being positively evaluated, we will focus on strengthening our core competitiveness and plan to reattempt the IPO considering the timing of market stabilization."