L&C Bio raises $108M rights offering, oversubscribed, to fund Korean plant and overseas push
What's the deal? South Korea's L&C BioDealroom has a profile for this one. Try Dealroom → said on October 16 it will raise about US$121.3M (roughly $108 million) through a paid-in capital increase. The company plans to build a production facility in Dongtan, Hwaseong, Gyeonggi Province, and expand its overseas business.
Why now? The rights offering drew a subscription rate of 103.92% from existing shareholders, with 3,845,212 shares taken up — above the 3.7 million planned. The final subscription amount reached US$126.1M, exceeding the US$121.3M target, so there will be no separate public offering for forfeited shares.
What's the endgame? L&C Bio will spend US$88M on the Dongtan plant, with the rest going to materials, supplies, and debt repayment. The payment date is October 22, and new shares are set to list in early November.
Where's the expansion? The company is introducing its cosmetic injection Re2O in Japan and Singapore, and has secured formal approval in Thailand and Peru. The raise is meant to support both the new domestic capacity and that overseas rollout.
What else? L&C Bio is separately pursuing a bonus issue, allocating one new share for each common share. "We will execute funds as planned and strengthen competitiveness," a company official said.
The signal: For a listed company, tapping shareholders for fresh equity and getting it oversubscribed is a vote of confidence — and a step up from its prior raise. It also shows how Korean bio and cosmetics firms are building capacity at home while chasing approvals across Asia and Latin America.
Read more: biz.chosun.com
Image credit: Generated with Gemini
