APR Confirms IPO Price at 250,000 Won... "Exceeds Upper Limit"

by Ryu Hyunseok

Published 13 Feb.2024 15:45(KST)

Participation of 2,000 Institutions... Competition Rate Reaches 663 to 1

Global beauty tech company APR announced on the 13th that it has set the public offering price at 250,000 KRW, exceeding the upper limit of the expected price band of 147,000 to 200,000 KRW, based on the demand forecast results for institutional investors.

APR recorded a competition rate of 663 to 1 with about 2,000 institutions participating in the demand forecast for institutional investors held from the 2nd to the 8th of this month. This is the highest competition rate among companies attempting to list on the KOSPI market since the revision of the Korea Financial Investment Association's "Regulations on Securities Underwriting" and "Best Practices for Lead Management" announced at the end of April last year.

Among the participating institutional investors, more than 97% offered prices at or above the upper limit of the public offering price. Approximately 36% of institutions submitted bids of 260,000 KRW or higher. Many overseas institutions also participated in this public offering. With the confirmation of the public offering price, the total public offering amount is expected to be 94.75 billion KRW, and the market capitalization after listing will be 1.896 trillion KRW.

Since its establishment in 2014, APR has steadily grown without any decline and is rising as a game changer in the domestic beauty industry by focusing on 'beauty tech,' which combines innovative technology with beauty. It is actively pursuing overseas markets and is evolving into a 'global beauty tech' company. APR Beauty Tech’s core product, the ‘MediCube AGE-R’ beauty device, surpassed cumulative sales of 1.68 million units domestically and internationally as of December last year. The next-generation beauty device ‘Booster Pro’ exceeded 100,000 units sold within three months of its launch.

CEO Kim Byung-hoon said, “We thank the many institutional investors who recognized APR’s technological competitiveness and growth potential. We will strive to realize the mid- to long-term vision presented to investors and develop APR into an advanced global beauty tech company.”

APR will conduct subscription for general investors from the 14th to the 15th of this month and is scheduled to be listed on the KOSPI market on the 27th of the same month. The lead underwriter is Shinhan Investment Corp., and the joint underwriter is Hana Securities.