South Korea’s Dongkoo Bio & Pharma Co. said on Tuesday that it has submitted an application to the Korea Exchange and Financial Supervisory Service for an initial public offering next month with hopes to raise up to 30 billion won ($28.2 million).
According to Dongkoo Bio & Pharma, it eyes IPO price band of 12,000 won to 14,500 won a piece for proceeds from 24.8 billion won to 30 billion won. The pharmaceutical company is scheduled to hold a two-day book building session starting Jan. 30. Public subscription will take place on Feb. 5-6 before it makes a debut on the country’s secondary Kosdaq market next month. The deal will be led by NH Investment & Securities Co.
Dongkoo Bio & Pharma is a pharmaceutical company specializing in dermatology and urology treatments. It produces Alestin tabs that help ease allergy symptoms and also Dermotasone cream for itchy skin and infection. In 2016, the company launched a new cosmetics brand Cell Bloom and is currently expanding its portfolio to produce medicines on consignment basis.
Dongkoo Bio & Pharma raised 10.6 billion won in operating profit on a consolidated basis in 2016 on sales of 87.4 billion won. The company earned 10.9 billion won in net profit during the same period.
By Jin Young-tae and Lee Eun-joo
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