Withus Pharmaceutical, Demand Forecast Competition Rate 1033:1... Public Offering Price 15,900 KRW
[Asia Economy Reporter Hyungsoo Park] Withus Pharmaceutical, a specialized pharmaceutical manufacturer, has set its public offering price at 15,900 KRW.
Withus Pharmaceutical announced on the 23rd that the final competition rate recorded 1,033.41 to 1, based on the demand forecast conducted over two days from the 18th to the 19th.
The application volume reached 992.07 million shares for 960,000 shares, which is 60.0% of the total public offering volume. 98.2% of the participation cases proposed the upper price of the desired public offering price range.
The funds raised through the public offering amount to a total of 15.8 billion KRW and will be used for investment in production plant facilities, expansion of logistics warehouses, and research and development (R&D) of improved new drugs based on fixed-dose combinations.
Withus Pharmaceutical has built a product portfolio with steady demand through formulation technologies specialized in geriatric diseases such as cardiovascular and musculoskeletal drugs. It has continuously grown by strengthening high value-added product groups such as first generics and special formulations.
Withus Pharmaceutical plans to strengthen its geriatric disease product group by developing improved new drugs based on fixed-dose combinations. It also plans to enter the hair loss treatment market to drive mid- to long-term growth.
Sung Daeyoung, CEO of Withus Pharmaceutical, said, "Despite the recent sluggish KOSDAQ market situation, our specialized technology in prescription drugs and stable profit structure secured through diversification of distribution channels received favorable evaluations from institutional investors."
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The subscription for general investors of Withus Pharmaceutical is 320,000 shares, which is 20.0% of the total public offering volume. It will be conducted over two days from the 25th to the 26th. The listing is scheduled for the 3rd of next month. The underwriters are NH Investment & Securities and Samsung Securities.
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