CRISPR gene editing firm ToolGen boasts of growth potential as its moves to Kosdaq Dec
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The company is offering 1 million common shares at between 100,000 won ($83.77) and 120,000 won. Price will be set after the book building session on Nov. 25-26. Of the total, up to 300,000 shares including any remainder from 40,000 reserved for employees will be made available for retail subscription on Dec. 2-3.
Its market capitalization would reach 940 billion won if it floats the new shares at the top end of its indicative IPO price band.
The company plans to list the new shares on the secondary Kosdaq in early December with an aim to raise a minimum of 100 billion won, which will be used on gene-editing technology research and development projects including facility upgrades.
Korea Investment & Securities is acting as a book-runner.
ToolGen is currently listed on the Konex, the country’s third-largest bourse reserved for start-ups and small-to-medium-sized enterprises.
ToolGen is a biotech company specializing in CRISPR gene-editing technology. It is the only company in Asia that owns CRISPR gene editing patents, according to its CEO Lee Byung-hwa.
The company has a strong growth potential to outperform its global rivals in corporate value, said Lee at a press conference held on Thursday. Nasdaq-listed biotech firms CRISPR Therapeutics, Intellia Therapeutics, and Editas Medicine all develop gene-editing treatments based on outside patents while ToolGen uses its own technology, said Lee.
Market cap of CRISPR Therapeutics stands at 7 trillion won ($5.9 billion), Intellia Therapeutics at 11 trillion won, and Editas Medicine 4 trillion won.
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