[This Week's IPO] Demand Forecast and Subscription Schedule for the Third Week of May

[Asia Economy Reporter Jang Hyowon] In the third week of this month (May), the clinical research organization (CRO) ADM Korea will conduct a demand forecast targeting institutional investors.

◆ADM Korea= Established in 2003, ADM Korea is a CRO company that provides services covering all areas of clinical trials to pharmaceutical companies and bio ventures. It also operates a post-marketing surveillance agency business that collects patient data ranging from 600 to 3,000 cases over a certain period for new drugs and reports patients' new drug usage experiences to the Ministry of Food and Drug Safety.

Last year, sales amounted to 13.12 billion KRW, operating profit and net profit were 3.53 billion KRW and 3.56 billion KRW respectively, representing a 29% increase in sales, 315% increase in operating profit, and 445% increase in net profit compared to the same period last year.

With the funds secured through listing, the company plans to actively target overseas markets. In China and Japan, it formed collaborations with companies ranked 3rd to 4th in each country's industry in 2015. In 2019, it incorporated Vietnam's top CRO as an affiliate through equity acquisition and also established a branch in Thailand. Starting this year, it plans to build clinical trial infrastructure in 10 Asian regions including India, the Philippines, and Singapore over the next three years.

The total number of shares offered by ADM Korea is 4.5 million shares (including employee stock ownership association shares), with an expected public offering price of 2,900 to 3,300 KRW per share. Through this offering, it aims to raise approximately 13.05 billion KRW (based on the lower end of the expected price band). A demand forecast for institutional investors will be conducted on the 17th and 18th to finalize the public offering price, followed by a general subscription on the 25th and 26th, with a planned listing in June. The lead underwriter is Hana Financial Investment.

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