HiCareNet Initiates IPO Process, Signs Lead Underwriter Contract with Kiwoom Securities

HiCareNet, a digital healthcare specialist and subsidiary of Insung Information, announced on June 24 that it has officially begun the process of an initial public offering (IPO) by signing a contract with Kiwoom Securities as its lead underwriter. Following the IPO underwriter agreement, HiCareNet is entering full-scale preparations for a KOSDAQ listing, targeting an IPO in 2027.

HiCareNet provides remote patient monitoring (RPM) and chronic care management (CCM) services, primarily targeting the U.S. telemedicine market. To date, the company has established a local healthcare network by collaborating with more than 40 medical institutions, mainly in Southern California. Notably, HiCareNet is rapidly achieving tangible sales results, and continues to expand its services and increase its patient base in the Medicare-based public insurance sector. These achievements are significant as they demonstrate HiCareNet's recognition for both operational efficiency and clinical utility, built on trust with local healthcare providers.

HiCareNet's solutions and services utilize patients' biometric data to enable real-time health monitoring, disease prediction, automated reporting, and data sharing with medical professionals, which are evaluated as dramatically improving the efficiency and precision of chronic disease management. Additionally, the company possesses AI-based diagnostic solutions for respiratory diseases and dementia, which are considered key competitive advantages over other companies.

This IPO initiative is a strategic decision aimed at business diversification, including expanding capital and investment capacity, extending services beyond the current focus on Medicare-based public insurance to private insurance, and securing M&A opportunities within the United States.

Kim Hongjin, CEO of HiCareNet, stated, "HiCareNet is experiencing rapid growth in the U.S. market based on tangible achievements in digital healthcare. The decision to pursue this IPO is based on our proven technology and market demand, with the goal of expanding our services to a broader range of customers and partners. Moving forward, we will strengthen our global competitiveness as a data-driven healthcare platform."

The company explained that HiCareNet's listing is also expected to have a positive impact on its parent company, Insung Information. As the largest shareholder of HiCareNet, Insung Information anticipates a revaluation of its equity holdings and improved consolidated earnings if the IPO proceeds successfully. Building on its successful U.S. business experience, HiCareNet also plans to expand into the domestic healthcare market should the market environment become favorable.