SK Biopharmaceuticals Co., a bio unit under South Korea’s SK Group, has moved a step closer to go public on the main Kospi after it gained preliminary nod from the stock market authority.

The Korea Exchange announced Monday it has okayed SK Biopharmaceuticals’ application for an initial public offering in a preliminary review.

The biopharmaceutical unit of Korea’s third largest conglomerate is readying book-building session and subsequent IPO procedure to debut its shares possibly early next year.

Underwriting syndicate includes NH Investment & Securities, Korea Investment & Securities, Citigroup Global Markets Korea Securities, and Morgan Stanley. Details about the offering size and others have not yet disclosed.

The IPO will become the biggest in the first half. Market experts expect its market value could reach 6 to 8 trillion won ($5.2-6.9 billion) after the initial offering.

The company last month gained marketing approval from the U.S. Food and Drug Administration (FDA) on its epilepsy drug Xcopri (cenobamate), which is valued at an estimated 5.5 trillion won. It is planning to start selling Xcopri in the second quarter of next year.

SK Biopharmaceuticals, wholly owned by the group’s holding entity of SK Holdings, registered a net loss of 21.9 billion won in the third quarter, with revenue of 123.6 billion won.

By Ahn Gab-seong and Lee Ha-yeon

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