Ingenia sets IPO price at KRW 12,000, targeting KRW 600B raise on Kosdaq
What's the deal? Ingenia Therapeutics, a biotech developing antibody drugs for vascular disease, has set its IPO price at KRW 12,000 per share — the bottom of its target range. The offering aims to raise about KRW 60 billion ($43 million), giving the company an expected market capitalisation near KRW 600 billion once listed on the Kosdaq in August.
Why now? The company completed its institutional book-building from July 20 to 24, drawing 307 domestic and foreign institutions and a subscription ratio of 50.4 to 1. Samsung SecuritiesDealroom has a profile for this one. Try Dealroom →, the lead underwriter, said the pricing accounts for "the recent volatility in the domestic stock market and the biotech sector," lowering the entry barrier for investors.
What's the endgame? Founded in Boston in 2018, Ingenia builds on technology from KAIST and the Institute for Basic Science to repair and stabilise damaged microvessels. Its lead pipeline drug, retinal treatment IGT-427, was licensed to UK biotech EyeBio in 2022 in a deal worth over KRW 1 trillion.
EyeBio was then acquired by Merck (MSD) in 2024 for $3 billion, making IGT-427 a core ophthalmology asset. Two global phase 3 trials for wet age-related macular degeneration are underway, targeting FDA approval in 2029 and commercialisation in 2030.
What's next? Ingenia will hold a public subscription on July 30 and 31, complete payment on August 4, and list within August. Two additional phase 3 trials for diabetic macular edema begin this month, expanding total enrolment to about 4,000 patients.
Beyond IGT-427, the company is advancing chronic kidney disease candidate IGT-303 through phase 2a trials in Australia, New Zealand, and Korea, with a licensing target in early 2027. Other pipelines cover glaucoma, solid tumours, and pulmonary arterial hypertension.
The signal: Chief executive officer Han Sang-yeol said the company aims to "leap into a global leading company that changes the landscape of the vascular disease treatment market." The listing shows continued investor appetite for Korean biotechs with validated licensing deals and big-pharma partnerships, even amid sector volatility.
Read more: edaily.co.kr
Image credit: Generated with Gemini
