Hana Pharm Co., a South Korean pharmaceutical firm, said Thursday it plans to go public on the country's main bourse next month to raise funds for facility investment to further advance its overseas market presence.
Hana Pharm will offer 4.08 million shares at a price band between 24,500 won and 28,000 won, which will allow the firm to raise up to 114.3 billion won (US$101.69 million), according to the company.
|Lee Yun-ha, chief of Hana Pharm Co. (Yonhap)|
The IPO price will be fixed later this month, and its market debut is expected to be made in early October, although the exact date hasn't been fixed, the company said, adding that its market capitalization is expected to reach as much as 450 billion won.
Mirae Asset Daewoo Co. is in charge of the IPO procedures.
"This will help us build our third factory that meets European standards so as to strengthen our market position in both domestic and global arenas," the drugmaker said.
Established in 1996, Hana Pharm has specialized in anesthetic and narcotic analgesics. Last year, it reported 139.3 billion won in sales, up 11 percent from the previous year, and 31.9 billion won of operating profits, which was a 35 percent increase on-year. (Yonhap)
Cho Kyung-hee firstname.lastname@example.org