Bionote, a leading manufacturer of veterinary diagnostic reagents in South Korea, will price its initial public offering (IPO) shares with an estimated maximum market value of 2.29 trillion won ($1.72 billion) early December as it is seeking to debut on the country’s main Kospi bourse this year after a delay in its original listing schedule.

The company said Wednesday it filed a revised application with the Financial Services Commission to offer 13 million initial shares in a desired band of 18,000 won to 22,000 won. It is seeking to raise at least 234 billion won from the listing. Pricing will be determined in book-building session on Dec. 8-9, and public subscription will be available on Dec. 13-14.

Upon listing, the company will be able to command an initial market cap of 1.87-2.29 trillion won.

Bionote, founded in 2003, has developed diagnostic reagents for animals and humans. It is known as the first Korean company that won a license for veterinary medicine manufacturing in the United States. It has a large-scale culture facility that enables the rapid development of tests for infectious diseases such as Covid-19, MERS and monkey pox.

Bionote expanded its yearly revenue to above 600 billion won in 2020 from 40 billion won in 2019. The majority shareholder is founder Cho Young-sik with 54.2 percent, doubling as chairman and founder of its affiliated unit SD Biosensor.

Kospi-listed SD Biosensor shares rose 2.93 percent to trade at 35,150 won in the morning trade Thursday.

By Kim Geum-yi and Lee Ha-yeon

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