Abclon, a biotechnology company, said Wednesday that it has confirmed its initial offering price (IPO) at 10,000 won ($8.84) per share.
The company set its share price band at 8,000 won to 10,000 won.
Under this plan, the IPO is likely to bring in up to 6.8 billion won ($6 million), which Ablclon intends to invest in follow-up research and development and data packaging for technology transfer.
Abclon 앱클론 is a new drug development company founded by Lee Jong-seo 이종서 and Swedish scientists, including Mathias Uhlen. The company specializes in the development of innovative antibody drugs.
Its founders have proposed a new paradigm for biotechnology companies through the core platform business model in discovering new drug candidates and making a profit by transferring new technology to bio companies.
Lee showed confidence in the company IPO.
“I would like to thank all investors who have shown interest in Abclon,” Lee said in a statement. “Abclone will establish its position as a global biotechnology company by developing remarkable antibody drugs in the world market.”
Abclone expects it will enter the KOSDAQ market on Sept. 18 after receiving general investor offers from Sept. 7-8.
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