Samsung BioLogics, a Samsung Group biosimilar arm, completed the two-day collection of public subscriptions from retail investors Thursday ahead of what market experts called one of South Korea's largest initial public offerings this year.
Korea Investment and Securities, the lead manager, said the competition rate was 45.34 to 1 with the deposit for subscription standing at 10.2 trillion won (8.94 billion US dollars).
The competition was not so high, compared to a fervent response from foreign investors during road shows abroad. The IPO was set for November 10, with the market capitalization of BioLogics estimated at up to nine trillion won.
Out of 16.5 million shares offered in the market, 3.3 million shares go to retail investors. The desired price was set at the upper end of 136,000 won per share that would fetch some 2.25 trillion won.
The share listing of BioLogics has been widely watched by foreign and domestic investors and experts since Samsung Electronics vice chairman Jay Y. Lee became a registered board member last week.
The country's largest family-run conglomerate has promised to nurture the biopharmaceutical business as its new growth engine.
BioLogics, which posted 1.9 trillion won in net profit in 2015, is the world's third-largest producer of biomedicines in terms of production capacity after Switzerland's Lonza Group and Germany's Boehringer Ingelheim Pharmaceuticals.
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