Baropharm Sets IPO Price at 16,400 Won, to Debut on KOSDAQ at a Market Cap of About 200 Billion Won

Baropharm, an integrated platform company for pharmacies, has set its final IPO price at 16,400 won and will list on the KOSDAQ market. The offering is expected to raise approximately 29.2 billion won, valuing the company at about 200 billion won after listing.

Baropharm said on October 30 that it had set the offering price at 16,400 won following a bookbuilding process for institutional investors. It will accept subscriptions from retail investors on November 2-3 and is scheduled to list on the KOSDAQ market on November 11. Mirae Asset Securities is the lead underwriter.

Founded in 2019 by CEO Kim Seulgi, a practicing pharmacist, Baropharm introduced Korea's first integrated pharmaceutical ordering solution to address inefficiencies in pharmacy operations. It has since expanded its services to include payments, returns, support for opening pharmacies, and artificial intelligence (AI)-based drug identification, broadening its business into an integrated platform for pharmacy operations.

Baropharm has signed up 24,787 pharmacies nationwide, equivalent to approximately 90% of all pharmacies in the country. Its cumulative total gross merchandise value (TGMV) for integrated orders is 7.2 trillion won, and its reorder rate stands at 86%.

The company is also diversifying its business by building on its pharmacy network. Its platform business generates revenue from brokerage commissions and targeted advertising and leverages data. Its partnership business includes direct purchasing from Bristol Myers Squibb and the distribution of Korean beauty products. Its brand business offers data-driven health supplements, private-label products, and dermocosmetics.

The company has continued to grow its earnings. Revenue rose from approximately 300 million won in 2021 to 96.7 billion won in 2025, representing average annual growth of 337%. In the first half of this year, it posted revenue of 69 billion won and operating profit of 2.2 billion won, returning to profitability.

The company said that the effects of spreading fixed costs through early investment are now being felt, allowing it to enter a phase of full-scale operating leverage. It is seen as having laid the groundwork for business expansion while securing both growth and profitability.

The proceeds from the offering will be invested in AI technology, overseas business, and the construction of pharmaceutical production facilities. Specifically, 7.28 billion won will go toward AI technology investment, 7.61 billion won toward overseas expansion of its brands, and 14 billion won toward building pharmaceutical production facilities. The company plans to accelerate efforts to complete its healthcare value chain through these investments.

Baropharm CEO Kim Seulgi said, "I would like to thank the institutional investors who participated in the bookbuilding process and put their faith in Baropharm's platform competitiveness and growth potential. After the listing, we will repay our shareholders with greater returns through continued earnings growth and efforts to enhance corporate value."

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