The firm will open its share offering to retail investors on Nov. 2-3, with Mirae Asset Securities acting as the lead underwriter, ahead of its scheduled KOSDAQ listing on Nov. 11.
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 platform is used by 24,787 pharmacies, representing about 90 percent of pharmacies nationwide. Baropharm reported 7.2 trillion won in cumulative orders processed through its system with a repeat-order rate of 86 percent.
The firm generates revenue through platform commissions, targeted advertising and data services. It has also expanded into direct product purchases for its own health supplements and skincare brands.
Revenue rose from approximately 300 million won in 2021 to 96.7 billion won in 2025. In the first half of 2026, Baropharm posted revenue of 69 billion won and an operating profit of 2.2 billion won, turning profitable as its business expanded.
It plans to use its IPO proceeds to invest 7.28 billion won in artificial intelligence (AI)-related technology, 7.61 billion won in overseas expansion of its brands and 14 billion won in pharmaceutical production facilities.
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