L&C BIO, a tissue engineering company, said on Friday that it has set its offering price for new shares to be traded on the KOSDAQ market at 24,000 won ($21.2) per share.
For the pricing of the share, the company held a book-building session from Tuesday to Wednesday. The book building process involves checking investor demand for new shares. A total of 1,077 institutional investors participated in the book building process, with the subscription ratio reaching 937.8 to 1.
The offering price of 24,000 won was higher than a price band of between 18,000 won and 20,000 won. The company was able to raise 2.4 billion won through new shares. Among the 1,077 institutional investors, 844, or 80.71 percent, offered a higher price than the price band.
“I feel grateful that many institutions showed interest in us and participated in the book building process,” L&C BIO’s CEO Lee Hwan-cheol said, “After KOSDAQ listing, we plan to expand business in Asia, Europe, and North America and become a global R&D company specializing in regenerative tissue medicine.”
Lee went on to say that the company would continue to develop medical devices based on technologies using human tissues to widen business areas.
“Through next-generation products, we will raise sales in the medical device sector and utilize them to enter foreign markets,” he said.
Subscription for retail investors will be available for two days from Tuesday to Wednesday. The company plans to allocate 20 percent, or 200,000 shares, of the total new shares.
Individual investors can apply for subscription through joint lead managers Korea Investment & Securities and DG Financial Investment.
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