Organoid Science, a company specializing in the development of next-generation regenerative therapies based on organoids, announced on the 24th that it has set the public offering price at the upper end of the desired range of 21,000 won.
Organoid Science confirmed the public offering price at 21,000 won, the upper limit of the desired band (17,000 won to 21,000 won), after conducting a demand forecast from the 16th to the 22nd for institutional investors over five business days. A total of 2,287 institutions participated in recruiting 900,000 shares, which accounts for 75% of the total offering, achieving a competition rate of 1,066.9 to 1.
An official from Organoid Science noted, "With the recent announcement by the U.S. Food and Drug Administration (FDA) on the abolition of animal testing, direct benefits are expected, and thus we successfully completed the demand forecast with significant market interest."
Organoid Science's subscription for individual investors will take place from the 25th to the 28th, targeting 300,000 shares, which is 25% of the total offering, and is expected to be listed on May 9. Korea Investment & Securities will oversee the listing. This offering is set to secure a total of 25.2 billion won, and the raised funds will be used to enhance the company's technology and expand global business and clinical trials.
Yoo Jong-man, CEO of Organoid Science, stated, "Through this IPO, we will establish organoid technology that meets global standards and aim to become a global leader in the organoid field. I would like to express my deep gratitude to the institutional investors who have shown interest in Organoid Science's KOSDAQ listing and will strive to enhance our business capabilities and investor confidence going forward."
Organoid Science's main products include the regenerative therapy 'ATORM,' which utilizes organoid technology to recreate human organs by culturing stem cells in three dimensions, and the new material efficacy evaluation solution 'ODISEI.' Currently, the company is conducting advanced regenerative medical clinical trials for ATORM and has been receiving orders from large domestic corporations, major hospitals, and government agencies since commercializing ODISEI for the first time in South Korea in 2020.