April 20, 2024

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[THE INVESTOR] Celltrion Healthcare, the marketing affiliate of  Celltrion, is expected to issue its initial public offering as early as September after its accounting woes pushed back the original schedule, a Korea Exchange official said on April 3.

The company, which initially planned for an IPO in April, seeking to raise up to 1 trillion won ($871 million), is currently under a detailed audit review following its profit overstatement. 

Park Hyun-koo/The Investor

“Celltrion Healthcare will be able to get listed in September, considering the procedures and time for related bodies to examine its financial accounts,” Kim Jae-joon, chief executive officer of the bourse operator which oversees KOSDAQ said.

The Korean Institute of Certified Public Accountants, which reviews the financial statements before KRX competes its listing eligibility review, began a detailed audit on Celltrion Healthcare’s accounting practices on March 13.

“The detailed review is due to coordination issues between Celltrion Healthcare and the KICPA, and is not a major (accounting) problem,” Kim said.

He added that Celltrion Healthcare will be among the 100 companies that will make a market debut on KOSDAQ this year, seeking to raise over 3 trillion won.

The firms planning on a KOSDAQ listing include Harim’s holding firm Jeil Holdings, Kolon’s biotech unit Tissuegene and Japanese duty-free store operator JTC.

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