Neo-Imuntech has confirmed the offering price at 7,500 won.
Neo-Imuntech announced on the 26th that it has conducted demand forecasts for institutional investors on the 23rd and 24th and confirmed the public offering price at 7,500 won, which exceeded the top of the desired band. Initially, the public offering hope band ranged from 5,400 won to 6,400 won.
According to Hana Financial Investment and Mirae Asset Daewoo, which are in charge of listing Neoimmuntech, a total of 1,496 domestic and foreign institutional investors participated in the demand forecasting, recording a competition rate of 1,374:1. In particular, 100% of the participating organizations offered a price above the top of the band, and 82% of the total number of participants was found to have been received at 8,000 won or more, which is higher than the final offer price.
Yang Se-hwan, CEO of Neoimmuntech said, “We appreciate that many organizations believe in our vision and competitiveness and actively participate in demand forecasting.” Through various discussions on the appropriate price with the host company, the public offering price was finalized at 7,500 won.”
He then emphasized, “Even after listing, we will strengthen the new drug development pipeline, focus on global clinical and commercialization to increase corporate value, and maximize shareholder value through active IR.”
Neoimmuntech’s total number of public offerings is 15 million, which is 100% new stocks. The size of the public offering is 112.5 billion won, and Neoimmuntech plans to use the funds for research and development, operation funds, and facility funds. In particular, it is a strategy to focus on ▲to strengthen competitiveness through global clinical development ▲to build manufacturing and production base technologies and facilities ▲to discover new pipelines and to research and develop them.
The general investor subscription is scheduled to be listed on the KOSDAQ in mid-March for 3.75 million shares, which is 25% of the total volume, for two days on March 4 and 5. The listed market capitalization based on the final public offering price is about KRW 738.5 billion.
Founded in 2014, Neoimmuntech is a biotechnology company that researches and develops next-generation T-cell-centered immunotherapy drugs, and its headquarters are located in Maryland, eastern United States. The main pipeline is the new immuno-anticancer drug’NT-I7′, a next-generation anti-cancer drug that induces the amplification of T cells, a type of immune cells (lymphocytes) in the body.