Y-Biologics, a novel antibody-drug developer, reported an oversubscription of 834.9 times the offered shares in its public offering.

Y-Biologics carried out the initial public offering (IPO) for general subscribers on Thursday and Friday. For 375,000 shares allotted for retail investors, 25 percent of its total offering, 313,096,850 shares were registered. As a result, the subscription deposit amounted to approximately 1.4 trillion won ($1.08 billion)..

Y-Biologics compared its competition rate to other recently listed drug developers, highlighting that Pharos iBio and Curocell had competition rates of 347.4 to 1 and 170 to 1, respectively, in their general offerings.

Y-Biologics conducted a demand forecast for domestic and foreign institutional investors from Nov. 10 to 16 and finalized the offering price at 9,000 won. A total of 911 institutions participated, resulting in a competition rate of 226.89 to 1. The share of institutional investor holding commitment was 14.5 percent.

Y-Biologics will be listed on the Kosdaq market on Dec. 5 after payment on Tuesday. Yuanta Securities is the lead underwriter.

Y-Biologics is an antibody-drug discovery platform company founded in 2007. It has various technologies required for the entire drug development process, including the fully human antibody library “Ymax-ABL” and the T-cell bispecific antibody platform “ALiCE.” The company develops new drug candidates independently or co-develops biopharmaceuticals with Korean and foreign partners through these.

"We are grateful to the investors who believed in our corporate value and supported us in the public offering following the demand forecast," said Park Young-woo, Co-CEO of Y-Biologics. "We will continue to do our best to develop the company after the listing.”