Samsung BioLogics, a Samsung Group biosimilar arm, made its strong and successful debut in South Korea's stock market Thursday on the first day of its public offering closely watched by foreign and domestic investors.
BioLogics closed the day with 144,000 won (124 US dollars) above the IPO price of 136,000 won. The IPO helped BioLogics raise some 2.25 trillion won with its market capitalization standing at 9.5 trillion won ranked 29th in the market.
Biologics offered 16.5 million shares in the market with 3.3 million shares going to retail investors. The IPO drew widespread market attention because it's part of efforts by Samsung Electronics vice chairman Jay Y. Lee to realign the business portfolio of South Korea's largest family-run conglomerate.
Lee has promised to nurture the biopharmaceutical business as the main driver of the group's 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.
Aju News Lim Chang-won = email@example.com