Hana Pharm to go public to fuel overseas expansion

Industry

Hana Pharm to go public to fuel overseas expansion

Hana Pharm, a Korean pharmaceutical firm, said Thursday it plans to go public on the country’s main bourse next month to raise funds for industrial investment to expand its overseas market presence.

Hana Pharm will offer 4.08 million shares at a price of between 24,500 won ($21.85) and 28,000 won, which will allow the firm to raise up to 114.3 billion won ($101.69 million), according to the company.

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 is in charge of the IPO procedures.

“This will help us build our third factory that meets European standards to strengthen our market position in both the domestic and global arenas,” the drugmaker said.

Yonhap