Dongbang Medical, IPO Price Set at 10,500 Won... Competition Rate 910 to 1

Dongbang Medical, a specialized company in oriental medicine and beauty medical devices, announced on the 24th that it has set the public offering price at 10,500 KRW.

According to NH Investment & Securities, the lead underwriter for Dongbang Medical's listing, a demand forecast was conducted for institutional investors over five business days from the 16th to the 22nd, resulting in a competition rate of 910.14 to 1.

The desired public offering price range per share was 9,000 to 10,500 KRW, and among the participating institutions in the demand forecast, 97.9% (including those who did not specify a price) proposed prices at or above the upper limit of the desired range.

Kim Geun-sik, CEO of Dongbang Medical, stated, "Based on the stable profitability of the oriental medical device business and our proprietary technology recognized in the market, we will establish a presence in the global beauty market."

Dongbang Medical will conduct a public subscription for general investors over two days, from the 3rd to the 4th of next month. It will be listed on the KOSDAQ market on the 13th of next month.

Dongbang Medical started with oriental medical devices such as oriental acupuncture needles and cupping cups, and recently expanded its business into the beauty medical device field, including fillers, absorbable sutures, and various special needles. The company has received favorable evaluations in the market due to its proprietary technologies, such as the ‘PNET’ crosslinking technology that minimizes modification of hyaluronic acid, the main ingredient of HA fillers, and needle tip manufacturing technology that combines long-standing know-how in the oriental medical device field.

Currently, Dongbang Medical has local subsidiaries and production facilities in South Korea, China, and Indonesia. Last year, to expand its market share in the filler sector in China, it established a joint venture with major filler sales channels and built a production plant around Zhejiang Province, China. Recently, it has accelerated its global market expansion by signing large-scale supply contracts with Brazilian filler manufacturer PHD and Russian company R-PHARM.