Hana Pharm, a Korean pharmaceutical name that has survived more than 40 years, is readying to join the country’s main stock exchange Kospi.

Hana Pharm announced on Thursday it has passed the exchange’s preliminary review of its initial public offer plan. The company will soon submit a securities report to the Financial Services Commission to begin a public subscription process. Mirae Asset Daewoo Securities will lead-manage the IPO.

Founded in 1978, Hana Pharm has mainly provided anesthesia and analgesic drugs. It has maintained leadership with Anepol Inj. in the propofol market. Sales remain stable with a balanced portfolio of anesthesia, circulation and digestive therapeutics. Its anesthesia and analgesic lineup consists of about 260 generics, the largest level among Korean pharmaceutical companies.

It is also one of the top industry performers with an operating margin of around 23 percent over sales of 139.3 billion won last year, up 11.9 percent from a year ago.

Operating profit jumped 34.9 percent to 31.9 billion won in the same period.

By Chung Woo-sung and Minu Kim

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