The immune cancer drug development corporation ImmuneOncia raised over 3 trillion won in public subscription for its listing on the Korea Securities Dealers Automated Quotations (KOSDAQ) market. Unlike large stocks that have recently withdrawn initial public offerings (IPOs) due to poor performances in demand forecasts for institutional investors, small and medium-sized stocks are having successful showings.
According to investment banking (IB) industry sources on the 8th, ImmuneOncia recorded a competition rate of 913.24 to 1 as a result of conducting subscriptions for general investors between the 7th and that day. The corresponding subscription amount totaled approximately 3.7563 trillion won. Based on the offering price, the market capitalization of ImmuneOncia after its listing is 262.8 billion won.
Earlier, in the demand forecast conducted by ImmuneOncia from the 22nd to the 28th of last month, 2,205 institutions participated, recording a competition rate of 897 to 1. The final offering price was confirmed at 3,600 won, the upper limit of the desired range. At that time, over 97% of institutional investors proposed prices above the upper limit of the offering price in the demand forecast.
ImmuneOncia is a research and development (R&D) corporation for immune cancer drugs founded in 2016 as a joint venture between Yuhan Corporation and U.S. antibody drug development company Sorrento Therapeutics. In 2023, as the joint venture Sorrento Therapeutics faced bankruptcy, Yuhan Corporation acquired all the equity held in Sorrento Therapeutics.