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HK inno.N’s IPO attracts $25 bn from retail investors

Logs ninth-largest amount of retail bids for Korean listing with 388.9 times oversubscribed

By Jul 30, 2021 (Gmt+09:00)

HK inno.N's K-CAB Tab. for gastroesophageal reflux disease
HK inno.N's K-CAB Tab. for gastroesophageal reflux disease
HK inno.N Corp. (inno.N), a pharmaceuticals unit of Kolmar Korea, drew a massive $25 billion from retail investors for its listing thanks to its strong growth potential.

Inno.N attracted 29 trillion won ($25.3 billion) from individual investors for its initial public offering (IPO) during the public subscription on July 29 and 30, the ninth-largest amount of retail bids for a South Korean listing, according to the financial investment industry. The retail portion was 388.9 times oversubscribed. Many investors seemed to have used deposit refunds from KakaoBank Corp.’s IPO to participate in the inno.N’s offerings.

Earlier, inno.N reported a record-high demand from institutional investors for a Kosdaq-listing. The bookbuilding was 1,871 times oversubscribed, the highest for a listing on the country’s junior bourse, attracting 615 trillion won during the process on July 23 and 26.

The maker of a popular anti-hangover drink CONDITION, has been expanding its business to hospital cosmetics, skin disease treatments, and functional hair products since Kolmar Korea bought the company in 2018. Last year, inno.N posted record-high earnings with 87 billion won in operating profit and 598.4 billion won in revenue.

Its profits are expected to grow further as sales of another hit product K-CAB Tab., a drug for gastroesophageal reflux disease, continued to increase. Inno.N reported 81.1 billion won in sales from the drug last year.

With the successful IPO, its shares are predicted to rise further after its debut on Aug. 9 with a market capitalization of 1.7 trillion won. About 8.1 million shares, or 28% of total, can be sold immediately after the listing.

Write to Jin-seong Kim at

Jongwoo Cheon edited this article.

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