BTGen to Pursue KOSDAQ Listing... Signs IPO Underwriting Agreement with Mirae Asset Securities

[Asia Economy Reporter Myunghwan Lee] BTGen announced on the 13th that it has signed a lead underwriting agreement with Mirae Asset Securities to officially begin its initial public offering (IPO) with the goal of listing next year.

BTGen was founded in 2002 by CEO Heo Yul, a Ph.D. in Biological Chemical Engineering from KAIST, and holds a patented core enzyme process (ECS) technology that enables the mass production and commercialization of unique saponin ginsenosides, the active ingredients in ginseng and red ginseng, for the first time in the world.

BTGen explained that it possesses the largest amount of clinical data and patented technology on ginsenosides worldwide and is engaged in research and development (R&D) as well as manufacturing and sales of functional ingredients, health functional foods, cosmetics, and active pharmaceutical ingredients (API).

BTGen’s product lineup, centered on health functional foods and cosmetics, includes about 40 types, which are supplied to approximately 30 client companies annually through original design manufacturing (ODM).

The company’s facilities located in Daejeon and Sejong City are fully equipped with GMP, HACCP, and health functional food certification production facilities approved by the Ministry of Food and Drug Safety. Overseas, it has wholly owned subsidiaries in Tokyo, Japan, and Qingdao, China, as well as a sales office in Hanoi, Vietnam.

BTGen’s sales last year reached 12.37 billion KRW, a 64% increase compared to the previous year. Operating profit margin and net profit margin were recorded at 16.7% and 16.6%, respectively. BTGen explained that the recent four-year compound annual growth rate (CAGR) of sales has been about 48%, showing a continuous upward trend and entering a full-scale operating profit phase.

CEO Heo Yul of BTGen emphasized, "With the IPO now on track, although the current focus is on health functional foods and cosmetics, our goal is to grow into a global bio company based on multiple pipelines. Listing on KOSDAQ will be an important opportunity for the company’s continuous growth and leap forward."

BTGen’s Chief Financial Officer (CFO) Oh Seungjae stated, "We have closely reviewed the appropriate timing for the IPO with market stakeholders, considering the IPO feasibility and valuation trends of related companies. Starting with the selection of the lead underwriter this week, we plan to comprehensively review and implement strategies to maximize corporate value, including pre-IPO (pre-listing equity investment)."