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Mirae Asset Daewoo becomes first S. Korean IPO underwriter on Nasdaq

Mirae Asset Daewoo said Monday that its Hong Kong branch has become the first South Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech.

BioNTech raised $150 million in its IPO last month and started trading on Oct. 10. The firm’s shares were trading at $16.52 on Monday and its market value currently stands at around $3.7 billion. 

(Mirae Asset Daewoo)
(Mirae Asset Daewoo)

Established in 2008, it specializes in so-called messenger RNA or mRNA molecules which tells human cells to produce therapeutic proteins that prompt an immune response against cancer or other infectious diseases. Its pipeline also consists of engineered cell therapies and antibodies.

With plans to expand globally, Mirae Asset Daewoo Hong Kong also participated as an underwriter for logistics real estate developer ESR Cayman’s IPO which raised $ 1.6 billion and started trading on the Hong Kong Stock Exchange on Friday. It marked the second-largest IPO in the city this year.

Mirae Asset Daewoo Hong Kong said it aims to continue its partnership with ESR Cayman as its financial partner.

“It was a great opportunity for cooperation between our equity sales team in Seoul and Mirae Asset Global Investments through IPO-related business and marketing for the two foreign firms,” an official at the firm said in a statement.

By Jung Min-kyung (