S.Korea's InnoGene sets its public offering price at 3,000 won

InnoGene, which is seeking to be listed on the Kosdaq market at the end of this month, said on Wednesday that it has confirmed its offering price at 3,000 won ($2.4), the upper end of its desired price range of 2,500-3,000 won.

Previously, 1,639 entities took part in the institutional investor demand forecast event held on Monday and Tuesday, recording a competition rate of 1,603 to 1. It is reported that all participants offered prices above the upper end.

Established in 2005, InnoGene is an anti-aging solution company and has a hair loss specialty brand Volvik. It is reported that Volvik hair loss shampoo is supplied to about 4,000 hospitals and clinics across South Korea.

The company plans to use the proceeds secured through the public listing to develop scalp care products, obtain licenses, and clinical studies while entering home shopping channels.

The total number of publicly offered shares of InnoGene is 2.6 million, through which 7.8 billion won ($6.2 million) will be raised. It is scheduled to be listed on Feb. 20 after public subscription to general investors for two days from Feb. 9 to 10. The lead manager is IBK Securities Co.

Write to Ye-Jin Jun at ace@hankyung.com