Ildong Holdings announced on the 23rd that it will sell a portion of the equity of its subsidiary Ildong BioScience to institutional investors, including IBK Kiwoom Business Restructuring Private Equity Investment Association.
The stock transaction volume corresponds to 3.81 million shares, which is 47.6% of the total issued shares. The first installment of 12 billion won will be received this month, and the remaining second installment of 18 billion won is expected to be settled by the end of next month.
The company said, “This equity investment retention using Ildong BioScience shares aims to enhance corporate and shareholder value and secure the necessary resources for subsidiary operations and business promotion.” Ildong Holdings plans to take Ildong BioScience public (IPO) in 2028.
Ildong BioScience, established as a subsidiary of Ildong Holdings, specializes in health functional ingredients and was partitioned from Ildong Pharmaceutical in 2016.