LivesMed Aims for 1 Trillion Won IPO with Surgical Robot at the Forefront

2.47 Million New Shares Offered... Desired Price Range: 44,000?55,000 Won
Expected Market Capitalization: 1.0851?1.3561 Trillion Won
Next-Generation Growth Engine: Surgical Robot "STARC"

LivesMed, a developer of laparoscopic surgical instruments, is set to be listed on the KOSDAQ market. Based on the desired public offering price range, its market capitalization is expected to exceed 1 trillion won. The company has generated anticipation for its IPO subscription with the development of its surgical robot "STARC." There are also expectations that it will benefit from the recent popularity of the robotics theme dominating the domestic market.

According to the financial investment industry on October 24, LivesMed will offer 2.47 million new shares for its initial public offering (IPO). The desired price range for the offering is between 44,000 and 55,000 won per share, with the company expected to raise at least 108.7 billion won. The anticipated market capitalization ranges from 1.0851 trillion to 1.3561 trillion won. The final offering price will be determined after a demand forecast for institutional investors conducted from November 20 to 26.

LivesMed's flagship product, the multi-joint laparoscopic surgical instrument "Artisential," can expand the range of motion of each joint up to 90 degrees in all directions. With a diameter of only 5mm, it minimizes the size of the incision. Artisential has proven its competitiveness and potential for overseas expansion by obtaining certifications from major institutions not only in Korea, but also in the United States, Europe, and Japan. In the first half of this year, cumulative sales reached 21.1 billion won, up 117% from the same period last year.

The company has also developed the next-generation laparoscopic surgical robot, STARC. In July this year, in collaboration with the US telemedicine company SOVATO, LivesMed successfully demonstrated an ultra-long-distance remote surgery between California and Chicago, covering approximately 3,000 kilometers. The company is also developing artificial intelligence (AI)-based real-time surgical feedback and automation technologies.

The lead underwriters, Samsung Securities and Mirae Asset Securities, selected Medtronic, Stryker, and Intuitive Surgical as peer companies for LivesMed's IPO pricing. Applying the average price-to-earnings ratio (PER) of these three companies, the per-share valuation was calculated at 76,089 won. However, there is debate over whether this valuation is too high, considering that some of these peer companies have sales more than 1,000 times greater than LivesMed.

Nevertheless, with the prices of robotics-related stocks in the domestic market having risen sharply this year, there is significant attention on the demand forecast and IPO subscription. Aris Research predicted that the global medical robotics market will grow by 15-17% annually, and is expected to expand to 50 billion dollars by 2030.

Lee Jeongju, CEO of LivesMed, stated, "As a surgical platform company, our competitive arena is not the domestic market but the global stage. We will prove our differentiated technological capabilities in the global market and secure global leadership for K-Medical."