[Reporter Reading Securities Registration] All Comparable Companies Have Sales in the Trillion Won Range... Will TomoCube's IPO Succeed?

Ibeam Technology's IPO Price 'Below' That of Identical Comparable Companies
"Major Shareholder's Stake to Fall Below 20% After Listing"

Tomocube, a company specializing in 3D cell imaging, has officially entered the process of going public on the KOSDAQ. The company plans to use the funds raised through the listing for facility investments and research and development (R&D).

However, it seems difficult to escape controversy over overvaluation. Tomocube selected overseas companies as comparable firms for this IPO. All of these comparable companies have a price-to-earnings ratio (PER) around 20 times but record sales in the trillions of won. Additionally, the stock price of iBeam Technology, which set its public offering price based on the same comparable companies, is currently sluggish.

Tomocube was established in 2015. It is a specialized company developing cell imaging equipment and analysis software based on Holotomography technology. Holotomography technology is Tomocube’s proprietary technology that allows real-time, high-resolution observation of living cells or organoids without cell loss or deformation. Utilizing 3D imaging technology, it enables long-term observation of living three-dimensional cell structures and can detect intracellular toxicity that was difficult to find with conventional microscopes, which can be applied to organoids, distinguishing it from others.

Tomocube plans to offer 2 million shares in this IPO. The desired public offering price per share ranges from 10,900 to 13,400 KRW, with the total expected amount to be raised between approximately 21.8 billion and 26.8 billion KRW. Daishin Securities is the lead underwriter for the listing.

When determining the public offering price, Daishin Securities selected only overseas companies as comparable firms. These are Bruker Corporation from the United States and Carl Zeiss Meditec AG from Germany.

Regarding the selection of overseas companies, the underwriter explained that it considered the unique nature of Tomocube’s business. According to the securities registration statement, "There are very few companies worldwide that have commercialized microscope products based on HT technology besides Tomocube, and none among listed companies. Comparable companies were selected based on business similarity and financial criteria that meet or exceed the aforementioned standards."

For Tomocube, the PER of the comparable companies is 27.5 times for Carl Zeiss Meditec and 27.6 times for Bruker, averaging 27.5 times. The underwriter and Tomocube expect net profit to begin from 2026. The projected sales and operating profit for 2026 are 16.359 billion KRW and 1.645 billion KRW, respectively. For 2027, sales are forecasted at 29.06 billion KRW and operating profit at 11.142 billion KRW. The expected net profit is 11.687 billion KRW. Based on this, the per-share valuation was calculated at 15,675 KRW, and a discount rate of 14.51% to 30.46% was applied to determine the desired public offering price.

A concerning point is that the comparable companies record sales in the trillions of won. Based on their 2023 financial statements, Carl Zeiss Meditec and Bruker reported sales of 4.101 trillion KRW and 3.1328 trillion KRW, respectively.

Also, iBeam Technology, which went public earlier, set its public offering price based on the same two comparable companies, Bruker and Carl Zeiss Meditec, but its current stock price is sluggish.

iBeam Technology’s desired public offering price was between 7,300 and 8,500 KRW, but the final offering price was set at 10,000 KRW, exceeding the upper limit. On its first day of trading on the KOSDAQ on the 6th of last month, iBeam Technology closed at 13,360 KRW, surpassing the offering price. However, as of the 2nd, the closing price was 8,400 KRW.

Additionally, dilution of the major shareholder’s stake is a concern. CEO Park Yong-geun’s pre-IPO stake was 21.55%, but it will decrease to 18.07% after the offering. If additional funds are raised after listing, the stake could be further diluted.

Meanwhile, Tomocube plans to invest 8 billion KRW in facilities after listing. As product sales are expected to surge, the company plans to establish production space and facilities capable of producing 300 units annually by 2025. It also plans to allocate 13.5 billion KRW for R&D and marketing.