April 20, 2024

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[THE INVESTOR] South Korea’s immunodiagnostics firm PCL has set the price of its initial public offering, expecting to raise about 12 billion won (US$10.41 million) from the sale of its common stock.

The firm plans to sell a total of 1.5 million shares of its common stock at 8,000 won and use the fund for clinical trials and production facility expansion. 

According to the company that produces multiplex blood testing kits, some 233 institutional investors and high net worth investors bid for 1.2 million shares through the book building process which opened on Feb. 8-9.

PCL will offer as much as 20 percent of the issue, or 300,000 shares, to retail investors for two days from Feb. 13.

The company will be listed on South Korea’s tech-laden KOSDAQ market on Feb. 23. Korea Investment & Securities is acting as lead manager of the IPO.

PCL has a proprietary technology in immobilizing disease biomarkers, which is key in vitro diagnostics.

The technology called SG Cap, a 3-D sol-gel capturing system and chip-based multiplex, enables concurrent detection of multiple diseases with high sensitivity and specificity at a low cost.

By Park Han-na (hnpark@heraldcorp.com)