Aprogen Applies for Designated Audit for Direct KOSPI Listing

[Asia Economy Reporter Hyunseok Yoo] Aprogen announced on the 31st that it has applied to the Financial Supervisory Service for the designation of an external auditor for the first half of 2021 in preparation for a direct listing on the KOSPI. To request a preliminary listing examination from the Korea Exchange, an audit report from a designated accounting firm is mandatory, and the application for auditor designation submitted to the Financial Supervisory Service must specify the purpose as an Initial Public Offering (IPO).

The company plans to promptly submit the preliminary listing examination application to the Korea Exchange in August when the semi-annual report is released. A company official stated, “We have started consultations with major domestic securities firms to complete the selection of the lead underwriter by April, and Nomura Securities is likely to be included alongside the major domestic securities firms. Since the public offering amount is expected to exceed 500 billion KRW significantly, participation from overseas investors is essential for a successful IPO.”

Nomura Securities recently valued Aprogen at approximately 5 trillion KRW (about 95,000 KRW per share). An Aprogen representative said, “We will prepare thoroughly to achieve a successful IPO worthy of being the first bio-unicorn company in Korea,” adding, “The recent reports in some media about pursuing overseas stock listings are being considered as a secondary option in case listing on the KOSPI proves difficult.”

Aprogen is developing biosimilars such as Remicade, Herceptin, Rituxan, Humira, and Avastin, as well as new bio-drugs including treatments for degenerative arthritis, immune checkpoint inhibitors, bispecific antibodies for acute leukemia, bispecific antibodies for solid tumors, and bispecific antibodies for triple-negative breast cancer. In December 2019, it was registered as the first bio-unicorn company in Korea.

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