Dongkook Lifescience, a leading manufacturer specializing in imaging contrast agents, announced on Tuesday it submitted a securities registration statement to the Financial Services Commission (FSC) for an initial public offering (IPO) on the tech-heavy Kosdaq market. 

Since its founding, Dongkook Lifescience has solidified its market-leading position in Korea’s imaging contrast agent sector. Contrast agents enhance the clarity of imaging diagnostics, such as CT and MRI scans, enabling faster and more accurate diagnoses of internal organs, blood vessels, and tissues.

Dongkook Lifescience’s revenue has grown significantly from 50.5 billion won ($35.1 million) in 2017 to 120.2 billion won in 2023, a 138 percent increase. The company remains the only local player to have fully internalized the contrast agent production value chain, ensuring stable supply, high-quality manufacturing, and cost-efficiency that support a solid financial structure.

The company operates in two primary divisions -- contrast agents and medical equipment marketing and distribution.

The contrast agent portfolio includes X-ray and MRI products, while the MEMD business distributes top-tier medical devices from global partners, such as Siemens’ ultrasound systems and Hologic’s mammography equipment.

The company plans to expand this business further to provide comprehensive total patient care solutions.

Most recently, the company expanded its product lineup by launching Mediray, a contrast agent designed for broader diagnostic applications, including the nervous and musculoskeletal systems.

The company also aims to further diversify its offerings by developing the world’s first iron-based MRI contrast agent in collaboration with biotech startup Inventera, which is a next-generation contrast agent with reduced side effects compared to existing products, by 2028.

The company is also venturing into new business modalities, with the company partnering with Lunit, a local medical AI imaging company, to distribute Lunit INSIGHT, an AI-powered imaging analysis tool, in 2018.

The company anticipates that AI-driven diagnostics will create new revenue streams through non-reimbursable services, further boosting demand and market expansion.

The company plans to issue 2 million new shares through the listing, with the IPO price expected to range between 12,600 won and 14,300 won per share. The total estimated fundraising is between 25.2 billion won and 28.6 billion won.

Dongkook Lifescience will conduct a five-day book-building process for institutional investors from Jan. 6 to 10, followed by a public subscription period on Jan. 14 and 15. NH Investment & Securities and KB Securities will serve as joint lead underwriters.

“Our goal is to evolve beyond contrast agents to become a global healthcare leader,” Dongkook Lifescience CEO Park Jae-won. “With the capital secured through this IPO, we will expand production infrastructure for contrast agents and strengthen our R&D capabilities.”