Baropharm Begins KOSDAQ Listing Public Offering Process

Baropharm has submitted a securities registration statement to the Financial Services Commission for listing on the KOSDAQ market.

According to Baropharm on September 9, the company will offer a total of 1.78 million shares through this listing. The desired public offering price band is between KRW 16,400 and KRW 20,200 per share, with the anticipated total offering amount estimated at between KRW 29.2 billion and KRW 36 billion. The institutional investor book-building process is scheduled for October 22 to October 28, and general subscriptions will be conducted from November 2 to November 3. The company is targeting to list on the KOSDAQ market within the year, with Mirae Asset Securities as the lead underwriter.

Founded in 2019, Baropharm is a pharmacy integrated platform company that introduced Korea’s first solution for pharmaceutical order integration, enabling pharmacies to compare inventory and prices from multiple wholesalers in one place and place consolidated orders. CEO Kim Seulgi, a practicing pharmacist, founded the company to address inefficiencies in the pharmacy field.

Baropharm has established a nationwide network covering over 90% of pharmacies in South Korea, achieving a cumulative transaction volume of KRW 7 trillion and a reorder rate of 86%. Leveraging its unrivaled platform influence and accumulated real transaction data, the company is expanding its business into three pillars: platform business, partnership business, and brand business. The platform business focuses on brokerage fees, targeted advertising, and cloud and data services; the partnership business centers on direct purchasing of pharmaceutical products (BMS), partner brands, and K-beauty distribution; the brand business is based on the planning and sales of in-house private label products (PB) in health functional foods, dermocosmetics, and pharmaceuticals, using real transaction data.

Consolidated sales increased from KRW 11.6 billion in 2023 to KRW 45.5 billion in 2024 and KRW 96.7 billion in 2025. In the first half of this year, Baropharm recorded consolidated sales of KRW 69 billion, achieving approximately 71% of 2025’s full-year sales of KRW 96.7 billion in just the first half. The company also posted consolidated operating profit of KRW 2.2 billion, successfully turning to profit and demonstrating both rapid top-line growth and improved profitability.

The funds raised through the listing will be invested in the advancement of AI, data, and cloud infrastructure for the platform business; expansion of distribution networks for the partnership business; and global expansion and pharmaceutical manufacturing facility enhancements for the brand business. Through these initiatives, Baropharm aims to accelerate pharmacy work automation (AX) and officially embark on its transformation into a healthcare AX platform that connects pharmaceutical companies, pharmacies, and consumers.

Kim Seulgi, CEO of Baropharm, stated, “With the KOSDAQ listing as a turning point, we will strengthen the competitiveness of our platform, partnership, and brand businesses to evolve into an AX platform company that connects the entire healthcare industry.”

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