Chaperon, IPO Price Set at 5,000 Won... Subscription on the 6th-7th of This Month

[Asia Economy Reporter Jang Hyowon] Chaperon has confirmed its plan to go public for future growth despite the frozen bio investment sentiment.

Immuno-innovative new drug development bio company Chaperon (CEO Seong Seung-yong and Lee Myung-se) announced on the 5th that it finalized the public offering price at 5,000 KRW following a demand forecast conducted over two days from the 29th to 30th of last month targeting domestic and international institutional investors.

A total of 254 institutions participated in this demand forecast, recording a competition rate of 25.94 to 1. The public offering amount is 13.7 billion KRW, and the market capitalization after listing is approximately 111.2 billion KRW.

An official from NH Investment & Securities, the lead manager of the listing, said, “Although the domestic IPO market has been significantly contracted due to the recent global stock market downturn, Chaperon’s technological superiority as the world’s first developer of GPCR19-targeting anti-inflammatory new drugs is demonstrated by the rapid clinical progress of its major pipelines, technology transfer achievements, and ongoing projects.” He added, “Although the public offering price reflects market volatility rather than the company’s intrinsic value, many institutional investors have positively evaluated Chaperon’s technology and future growth potential. Since the issuer is strongly committed to re-evaluation after listing, the final public offering price is set at a very market-friendly level, providing ample opportunities for low-price purchases.”

Founded in 2008, Chaperon is developing anti-inflammatory therapeutics to treat inflammatory diseases such as atopic dermatitis, Alzheimer’s dementia, idiopathic pulmonary fibrosis, and COVID-19 based on its proprietary inflammasome inhibition technology. Notably, following last year’s technology transfer of an Alzheimer’s dementia treatment to Kukjeon Pharm, it completed a technology transfer (L/O) to Bridge Biotherapeutics in the first half of this year based on successful non-clinical results for idiopathic pulmonary fibrosis, a severe rare disease. This has strengthened the value of its pipelines not only in dermatology but also in neurological and respiratory inflammatory diseases. Additionally, it is securing future growth engines with nanobody-based anticancer therapeutics and next-generation anti-inflammatory treatments that further improve efficacy and safety.

Seong Seung-yong, co-CEO of Chaperon, stated, “With the funds secured through the IPO, we will do our best to prove Chaperon’s unique technology and growth potential so that the current public offering price can be seen as a low-price buying opportunity for investors.” He added, “After listing, based on excellent clinical results for each pipeline, we will become a new drug development company that shares growth achievements with investors through global technology transfers and expanding indications for the inflammasome inhibition platform.”

Meanwhile, Chaperon is scheduled to complete subscription on October 6-7 and list on KOSDAQ on October 17. The lead manager for the listing is NH Investment & Securities.