Myungin Pharm announced on Friday that it has submitted a securities registration statement to the Financial Services Commission and has officially begun the process of listing on the stock market.

Myungin Pharm plans to offer 3.4 million shares in the IPO. The target price range is 45,000 to 58,000 won ($32.1 to $41.4) per share, with a total offering amount of 153 billion won to 197.2 billion won. The bookbuilding period will run from Sept. 9 to 15, with the general subscription period taking place over two days from Sept. 18 to 19. KB Securities is the lead manager.

Myungin Pharm, widely known for its products Igatan and Mayqueen-Q, was established in April 1985 and is the largest pharmaceutical company in Korea specializing in central nervous system (CNS 1) therapeutics, with a comprehensive portfolio of over 200 products.

Myungin Pharm has established a one-stop value chain encompassing R&D, API production, finished drug manufacturing, and sales/distribution, ensuring productivity and efficiency. In particular, the company has secured cost savings by producing its own APIs and has obtained global-level quality certifications (cGMP, PIC/S, Japan PMDA, and others) to ensure stable and consistent quality.

Based on these structural strengths, Myungin Pharm recorded sales of 269.4 billion won and operating profit of 92.8 billion won last year, achieving an operating profit margin of over 30 percent for three consecutive years.

Myungin Pharm plans to use the funds raised through this IPO to further solidify its competitive advantage in the CNS field and accelerate its global expansion.

Currently, Myungin Pharm has partnered with Newron, a global new drug developer, to conduct phase 3 clinical trials for Evenamide, a CNS new drug, securing a new growth engine.

In addition, the company is constructing the largest pellet-dedicated production plant in Korea using the IPO proceeds and is preparing to expand into the CDMO business in the future. Furthermore, based on certifications from major regulatory agencies, including the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japan’s Pharmaceuticals and Medical Devices Agency (PMDA), the company plans to expand its global partnerships and accelerate its entry into overseas markets by discovering local partners in each region.

While pursuing its growth strategy, Myungin Pharm is also taking the lead in ESG management by practicing corporate social responsibility. In June 2023, CEO Lee Hang-myung established the Myungin Multicultural Scholarship Foundation with his personal assets (10 billion won in cash and 500,000 shares of Myungin Pharm stocks).

Through this foundation, the company has provided scholarships to multicultural families and supplied 28 types of essential medicines, fulfilling its social responsibility as a pharmaceutical company. Based on these efforts, Myungin Pharm continues to strengthen its ESG management.

“Myungin Pharm has prepared to leap beyond domestic leadership and enter the global stage, leveraging its unparalleled expertise in the CNS field and its one-stop value chain accumulated over the past few decades,” CEO Lee said. “We will use this IPO as a springboard to strengthen our competitiveness in the global market and create new business opportunities to support long-term growth.”