Shares traded at 12,000 won ($8.97), down 26.83 percent from the IPO price of 16,400 won as of 2:26 p.m. The stock opened at 16,000 won, slightly below its offering price. It briefly climbed to 17,370 won before reversing course and falling as low as 11,760 won during the session.
About 17.09 million shares had changed hands by that time, with trading value reaching 227.3 billion won.
The weak debut followed subdued demand during the company's IPO. Retail subscriptions were oversubscribed just 19.27 times, attracting approximately 70.3 billion won in deposits.
Institutional demand was also weak, with bids reaching 152.36 times the shares offered during the Oct. 22–28 bookbuilding process. The company priced its shares at the bottom of its proposed range of 16,400 won to 20,200 won, after about 54.5 percent of participating institutions submitted bids below the lower end.
Only 0.03 percent of institutional bids included commitments to hold shares for a specified period after listing, indicating little willingness among investors to lock up their holdings.
The IPO raised 29.19 billion won, with Mirae Asset Securities serving as lead underwriter.
Founded in 2019, BaroPharm operates a digital platform that allows pharmacies to order medicines from multiple suppliers in one place. Its services have since expanded to include payments, returns, support for opening new pharmacies and artificial intelligence (AI)-based drug identification. The company said 24,787 pharmacies had joined its platform. That represents about 90 percent of the country's total.
The company reported revenue of 96.7 billion won in 2025, although it posted an operating loss of 3.9 billion won. Its performance improved in the first half of 2026, with revenue reaching 69 billion won and operating profit of 2.2 billion won, marking a return to profitability.
It plans to use its IPO proceeds to develop AI-based pharmacy services, expand its healthcare and beauty brands overseas and build pharmaceutical production facilities.
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