SK Bioscience To Raise $1.3b In S Koreas Largest IPO Since 2017

South Korean vaccine developer SK Bioscience Co Ltd is expected to raise 1.5 trillion won ($1.33 billion) in the country’s largest IPO since 2017, after pricing the listing at the top of an indicative range, it said on Monday.

SK Bioscience said in a regulatory filing that it had priced the IPO at 65,000 won per share, compared with an indicative range of 49,000 won to 65,000 won per share, making it the biggest South Korean IPO since game company Netmarble raised 2.7 trillion won in a May 2017 IPO, according to Korea Exchange data.

The pricing values the firm at 5 trillion won.

The IPO will offer 15.3 million new shares and 7.65 million existing shares. SK Bioscience‘s largest shareholder, SK Chemical, will hold a 68.4% stake in the drug company after the listing, SK Bioscience said in a filing.

SK Bioscience has agreements to produce COVID-19 vaccines for AstraZeneca and Novavax Inc in Korea and received regulatory approval in November to begin human clinical trials of its own COVID-19 vaccine.

South Korea is set for a busy IPO market this year as firms take advantage of robust retail demand, which started last year and allowed successful IPOs by companies such as affiliate SK Biopharmaceuticals.

SK Bioscience‘s listing is expected on March 18.

Reuters