SK Biopharmaceuticals, a novel drug research and development company specializing in the diseases pertaining to the central nervous system, has set its initial public offering price at 49,000 won ($40) per share, it said Friday.

The company announced that this is the top end of its indicative price range, which had suggested the share price would be between 36,000 won and 49,000 won.

This puts the total public offering value of SK Biopharmaceuticals at 959.3 billion won, with the market capitalization reaching at around 3.8 trillion won.

SK Biopharmaceuticals said that a total of 1,076 domestic and foreign institutional investors have participated in the book building and made bids for 11.75 million shares, or 60 percent of the total. The subscription rate stood at 835.66:1.

Retail subscription will take place for two days on June 23 and 24.

The company plans to list its shares on the Korea‘s main bourse Kospi on July 2.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)q">kaylalim@heraldcorp.com)