Osang Healthcare said it recorded a 2,126 to 1 competition ratio in the company’s public share subscription for retail investors on Monday and Tuesday. The subscription deposit amounted to about 5.26 trillion won ($39.3 billion).

Osang Healthcare's five-day demand forecast from Feb. 21 to 27 attracted 2,007 Korean and foreign institutions, marking a competition ratio of 993 to 1.

The final offering price was 20,000 won, exceeding its desired band.

"Many general investors actively participated in the subscription as they appreciated Osang Healthcare's global competitiveness and growth potential," said an official from NH Investment & Securities, which organized the listing. "As a result, we could achieve good results in the general subscription following the demand forecast."

Osang Healthcare said it plans to use the proceeds from the IPO and its cash assets to develop continuous glucose monitors (CGMs), launch new products, expand facility automation, and invest in the bio/healthcare sector.

"We are grateful to the investors who believed in the company's value and participated in the general subscription following the demand forecast," said Osang Healthcare CEO Hong Seung-eok. "We will continue to strive to increase shareholder value and grow into a global healthcare company after listing."

Osang Healthcare is scheduled to be listed on the tech-heavy Kosdaq market next Wednesday after payment on Thursday.