[Featured Stock] Zenolution Soars on KOSDAQ Debut Day... "Highlighting COVID-19 RNA Extraction Equipment"
[Asia Economy Reporter Hyunseok Yoo] Genolution is soaring on its first day of listing on the KOSDAQ.
As of 9:08 a.m. on the 24th, Genolution was trading at 29,350 KRW, up 4.82% (1,350 KRW) from the opening price of 28,000 KRW.
Founded in 2006, Genolution is a company that develops in vitro diagnostic medical devices centered on molecular diagnostics and sells RNA interference (RNAi) synthesis services. Currently, due to the COVID-19 pandemic, virus and RNA extraction specialized technologies are gaining attention. Genolution develops and sells nucleic acid extraction products that enable the detection of pathogens by extracting DNA or RNA from human-derived materials in its core in vitro diagnostic business.
Genolution's automated nucleic acid extraction equipment for extracting RNA from the COVID-19 virus is the ‘Nextractor® NX-48’, which can process 48 samples within 15 minutes. Currently, the most commonly used nucleic acid extraction equipment in the global market can process 96 samples in 60 minutes.
Genolution recorded sales of 3.3 billion KRW in the first quarter of this year, which accounts for 83.6% of last year's total sales of 3.9 billion KRW. Since the first quarter, orders for nucleic acid extraction equipment have been increasing explosively. The company expects this year’s sales to reach 29.5 billion KRW, the highest in its history, as the market share of nucleic acid extraction equipment increases, proportionally boosting sales of nucleic acid extraction reagents.
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Following a demand forecast conducted for institutional investors on the 8th and 9th, the public offering price was set at 14,000 KRW, the upper limit of the desired public offering band (12,000?14,000 KRW). Additionally, 1,431,468,100 subscription applications were received for 160,000 shares allocated to general investors. Approximately 1.002 billion KRW was gathered as subscription deposits.
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