Nextbiomedical, K3I trade below IPO price on Kosdaq debut

NextBiomedical CI

NextBiomedical and K3I both traded below their initial public offering (IPO) prices during the early hours of their first day on the Kosdaq market on Tuesday.

NextBiomedical shares were trading at 28,100 won ($21.12) as of 9:24 a.m., down 3.10 percent from the IPO price, while K3I shares were down 6.26 percent to trade at 14,530 won.

Medical device manufacturer NextBiomedical has developed products such as the NexPowder for endoscopic hemostasis, NexSphere embolization microspheres, and NexSphere-F for musculoskeletal pain embolization treatment. The IPO price was set at the upper end of the expected range (24,000 to 29,000 won) at 29,000 won following institutional investor demand, which resulted in a competition ratio of 356.9 to 1. The public subscription received a competition ratio of 65.83 to 1.

K3I, which also listed on Tuesday, specializes in developing open-source XR middleware solutions that are essential for the development and execution of extended reality (XR) content. The company’s IPO price was similarly set at the top of the expected range (12,500 to 15,500 won) at 15,500 won, with institutional demand at a competition ratio of 239 to 1.

Meanwhile, Ildong Pharmaceutical saw its shares surge in early trading on Tuesday amid concerns over a resurgence of Covid-19 cases. The shares were up 12.77 percent as of 9:34 a.m. and trading at 180,900 won on the Kospi market.

Ildong Pharmaceutical entered into a joint development agreement with Japan’s Shionogi & Co. in 2021 to co-develop an oral antiviral drug (ensitrelvir) to treat Covid-19. The drug received approval from Japan’s Ministry of Health, Labour, and Welfare in March 2024, and Ildong is currently awaiting approval from South Korean health authorities after submitting a request for marketing authorization.