Korea's biotech firm Voronoi scales back IPO scheme in its second attempt

Kang Woo-seok and Jenny Lee 입력 2022. 5. 17. 14:36
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Seoul-based drug design startup Voronoi will reattempt Kosdaq debut by scaling back IPO price band and issues after its pricing two months ago flopped against cold institutional demand.

According to its new IPO prospectus filed with the Financial Services Commission (FSC) on Monday, the company has indicated 40,000 ($31.3) to 46,000 won for offering of 1.3 million shares.

At the top end, it would be able to raise 59.8 billion won ($46.78 million) and command initial market cap of 581.4 billion won.

The new IPO scheme has been shaved from earlier band of 50,000 to 65,000 won.

Pricing will take place after two-day bookbuilding session on June 8-9, and retail subscription available on June 14~15.

Underwriters deem the price offering would be appealing as 40,000 won was the valuation it had gained during pre-IPO fundraising in 2021.

The company also added lock-up agreement from its existing shareholders.

According to its documents filed with the FSC, only 25.6 percent of shares can be tradable immediately after listing. Its shareholders agreed to hold onto their shares on anticipation of more licensing-out deals.

The company revised up sales target for the year to 26.1 billion won, which would be 76 percent larger from a year ago. “We changed sales estimates following the progress in our talks with global pharmaceutical firms,” said its CEO Kim Dae-kwon.

The company, specializing in therapies for intractable and rare diseases, succeeded in four out-licensing arrangements with three for overseas firms. Currently, it holds 11 pipelines thanks to its data storage capability and AI modeling.

If successful, the bio startup would become the first unicorn to go public on the Kosdaq.

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