Bionote Sets IPO Price at 9,000 Won... KOSPI Listing on 22nd

[Asia Economy Reporter Hyungsoo Park] Bionote has set its public offering price at 9,000 KRW, which is below the initially proposed price range of 18,000 to 22,000 KRW.

Bionote, a bio-content and animal diagnostics company, announced on the 13th that it finalized the public offering price at 9,000 KRW following a two-day demand forecast conducted from the 8th to the 9th targeting domestic and international institutional investors.

A total of 237 institutions from both domestic and overseas markets participated in the demand forecast. The total amount raised through the offering is 93.6 billion KRW, with a market capitalization of approximately 917 billion KRW after listing.

A representative from the lead underwriter stated, "Considering the sluggish IPO market environment, this is a commendable result," adding, "As of the end of the third quarter this year, Bionote holds over 700 billion KRW in cash." He continued, "With an average annual growth rate of 33% over the past three years in the animal diagnostics business and strong financial structure and management performance, the public offering price is highly attractive," and added, "There is ample opportunity for low-price buying."

He also said, "Even if sales related to COVID-19 decline somewhat, we expect significant sales growth over several years due to new product launches in the animal diagnostics sector and accelerated entry into the U.S. market," and "Synergies with Meridian in the in vitro diagnostic antigen-antibody raw material business are also expected to be maximized."

To enter the U.S. market, the largest market worldwide, Bionote is establishing a local factory and has formulated various growth strategies including acquiring leading animal diagnostic reagent manufacturing and distribution companies in the U.S.

Bionote CEO Byungki Cho said, "We have successfully completed the IPO of Bionote, considered the biggest public offering in the second half of this year, achieving a successful conclusion," and added, "Based on the enhanced brand, credibility, and recruitment of excellent talent after listing, we will accelerate our ongoing global business and share the fruits of growth with investors."

Bionote will conduct subscription over two days from the 13th to the 14th and will be listed on the KOSPI market on the 22nd. NH Investment & Securities and Korea Investment & Securities are jointly serving as lead underwriters.

This content was produced with the assistance of AI translation services.