GI Innovation, which was expected to record the largest initial public offering (IPO) among Korean biotech firms this year, suddenly postponed its market debut.

The sudden postponement comes after the Financial Services Commission (FSC) requested corrections to the company’s securities report submitted for the IPO.

The company had originally planned to conduct book building for institutional investors from Feb. 21-22 to determine the final IPO price, receive general subscriptions from Feb. 27-27, and go public on the tech-heavy Kosdaq in early March.

However, due to the revision work, the company said it would delay the IPO by three weeks.

“We have postponed the demand forecasting and general subscriptions scheduled for February to March 15-16 and March 21-22, respectively,” a company official told Korea Biomedical Review. “We will go public in late March.”

The official stressed the FSC’s revision request is a common thing that happens during the listing procedure in Korea, and that the company has no intention of withdrawing its IPO plans.

Meanwhile, the company plans to offer 2 million depository receipts at 16,000-21,000 won ($13-17) per share to raise a maximum of 42 billion won.

NH Investment & Securities, Hana Financial Investment, and Samsung Securities will co-lead the process.

According to GI Innovation CEO Rhee Byung-geon, the company will use the funds for ongoing clinical trials of GI-101 (immunotherapy) and GI-301 (allergy treatment) and the development of follow-up pipelines such as GI-102 (immunotherapy), GI-108 (cancer metabolism drug), and GI-305 (allergy treatment).