The sluggish initial public offering (IPO) market is expected to see a resurgence with the entry of major companies. Ingenia Therapeutics, a U.S. biotech firm, is set to reveal the results of its KOSDAQ listing review as early as this week, paving the way for several companies with market capitalizations ranging from hundreds of billions to trillions of won to join the listing race.
According to investment banking sources on May 18, the Korea Exchange is expected to finalize its review results for Ingenia's KOSDAQ listing this week and notify the lead underwriter. An IB industry insider noted, "If the practical review results from the exchange's examiners are finalized this week, a listing committee meeting will be held at the end of this month to determine final approval."
Ingenia submitted its preliminary listing application on January 30, selecting Samsung Securities as its lead underwriter. Under exchange regulations, the review period for foreign companies is limited to 65 business days, longer than the 45 business days for domestic firms. If the review results are favorable, Ingenia is expected to be a key player in revitalizing the bio IPO market in the second half of the year.
As Ingenia's review results approach, the timeline for other promising companies aiming to lead the IPO market in the second half is also becoming clearer. Notably, major firms in advanced technology sectors such as biotechnology and artificial intelligence (AI) are preparing for their listings.
Adel, a company developing treatments for Alzheimer's disease, is also considered a major player for the second half. Although Adel previously failed to qualify for a KOSDAQ technology special listing due to insufficient business viability, it reversed its fortunes by signing a significant technology transfer agreement worth 1.53 trillion won with global pharmaceutical company Sanofi in December. Additionally, last month, Adel secured 49 billion won in pre-IPO investments, raising its estimated corporate value to around 400 billion won. The company is currently undergoing a re-evaluation of its technology through a specialized evaluation agency in preparation for its formal review application.
Meanwhile, Rablup, a company specializing in AI infrastructure and large language model (LLM) management software, has also begun its journey toward KOSDAQ listing. Rablup plans to submit its preliminary listing application to the exchange this week, with NH Investment & Securities as its lead underwriter.
Market experts believe the entry of these companies will reshape the IPO landscape in the second half of the year. A financial investment industry source stated, "The IPO market has been stagnant due to a lack of large deals since the beginning of the year, but the participation of companies with proven technology and visible performance is expected to restore a positive cycle of capital inflow." The source added, "If Ingenia's practical review results, Adel's technology evaluation progress, and Rablup's application submission all occur in succession, it will create an opportunity for liquidity in the capital market to flow back into the IPO market."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.