Drug developer GI Innovation eyeing second-half IPO

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GI Innovation Logo (GI Innovation)

Local drug developer GI Innovation has submitted a preliminary listing application to the country’s secondary stock exchange, Kosdaq, with the aim of going public in the second half of the year, the company said on Thursday.

GI Innovation’s initial public offering will be made under Kosdaq’s special listing process, known as the “unicorn special listing”.

The Korea Stock Exchange introduced the special unicorn listing process in April last year to simplify the technology evaluation process for companies with excellent market valuations.

For companies expected to have a market capitalization of 500 billion won ($404 million) or more once listed on Kosdaq, the regulator gives them the right to apply for a preliminary review as long as they get the rating A from at least one of the rating agencies designated by Korea Exchange.

According to GI Innovation, the company received an A grade in its technology assessment in November.

Since the drug developer was founded in 2017, the company has raised a total of 250 billion won in investments from major companies such as SK and Yuhan. GI Innovation also entered into two licensing deals worth 2.3 trillion won with its cancer immunotherapy candidate GI-101 and allergy treatment candidate GI-301 in trials. preclinical.

“Currently, GI-101 and GI-301 of GI Innovation’s main pipelines are progressing well. For GI Innovation’s successful IPO and growth into a global company, we plan to remain focused on the 3S (Science, Strategy, Speed),” said Rhee Byung-geon, CEO of GI Innovation.

NH Investment & Securities and Hana Financial Investment are the representative underwriters while Samsung Securities participates as co-underwriters.

By Kan Hyeong-woo (hwkan@heraldcorp.com)


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