GI Innovation, a local biotech firm, said Monday its initial public offering price has been set at 13,000 won ($9.90), lower than the minimum price range that the company targeted.
The IPO price was determined after GI Innovation conducted a two-day book-building process targeting institutional investors last week.
A total of 563 institutions, including 46 foreign entities, joined the process, the company said.
The overseas institutions reserved some 13.77 million shares, while local institutions booked 16.28 million shares.
Earlier, the company had set the target price between 16,000 won and 21,000 won, with the aim of a valuation of some 400 billion won.
During its pre-IPO, GI Innovation was valued at some 700 billion won.
Between Tuesday and Wednesday, GI Innovation will carry out a book-building process for 500,000 shares targeting retail investors.
The company’s IPO is scheduled on March 30.
Established in 2017, GI Innovation has been conducting research to develop next-generation immunotherapy drugs based on dual fusion proteins.
The company's major pipelines include dual fusion immuno-cancer drugs GI-101 and GI-102, and allergy treatment GI-301. These three drug candidates are currently in clinical trials.