Geninus said it set its public offering price at 20,000 won ($17.14) for the initial public offering on the Kosdaq market in November.

In a public filing on Tuesday, the biotech company said that the two-day book building on Thursday and Friday showed that the competition rate of institutional investors was one in 66.

The company plans to offer 2 million shares worth 40 billion won, and the market capitalization is expected to mark 217.4 billion won immediately after the IPO.

“I would like to thank the institutional investors who took great interest in Geninus and participated in the book building,” said Park Yang-woong, CEO of Geninus. “Through the listing on Kosdaq, the company will enhance existing business with active R&D and continuous facility investment and lay the ground for new business and entry into the global market.”

He added that the company aims to lead the genome analysis market and become a new drug platform developer through collaborations with hospitals and other drugmakers.

Geninus said it would spend the funds raised through IPO on R&D for cancer genome diagnosis and single-cell analysis. Also, the company plans to hire talents to make a new drug development platform.

The public offering for retail investors will take place on Wednesday and Thursday this week, and 25 percent of all new shares, or 500,000 shares, will be offered.

Geninus plans to go public on Nov. 9, and Daishin Securities is the lead underwriter.