HK inno.N plans 2021 IPO with $1.8 bn valuation

HK inno.N Corp. (inno.N), previously known as CJ Healthcare Co. and now a subsidiary of Kolmar Korea, has initiated the IPO process for listing within 2021.

According to the investment banking industry on May 4, inno.N has applied for a preliminary review of its stock market listing by the Korean Exchange. The company is estimated to be valued at around 2 trillion won ($1.8 billion). 

Given the typical 45 business days of review time, the pharmaceutical company will likely get approval in the latter half of June. The company is expected to complete its listing within this year, as it must proceed with the IPO process within six months of the preliminary approval date.

Acquired by Kolmar Korea in 2018 from the food and entertainment conglomerate CJ Group, inno.N is a biotechnology and pharmaceutical company best known in Korea as the producer of CONDITION, the country’s best-selling anti-hangover drink since its launch in 1992.

After becoming a part of South Korea’s major pharmaceutical company Kolmar Korea, inno.N is diversifying into new business areas including cosmetics for medical purposes, dermatological creams and ointments, as well as functional products for hair loss.

Its main business, the pharmaceuticals segment, is also thriving thanks to the continued success of K-CAB® tablets, launched in 2019, which are used to treat gastroesophageal reflux disease (GORD). K-CAB® sales recorded 81.1 billion won ($72.3 million) last year.

Inno.N also posted the highest earnings figures in the company’s history in 2020, with revenue of 598.4 billion won ($534 million) and operating profit of 87 billion won ($77.6 million).

Write to Jin-seong Kim at jskim1028@hankyung.com
Daniel Cho edited this article.