HK inno.N, hangover helper maker, to go public in August

HK inno.N CEO Kang Seok-hee explains about the company's planned initial public offering during an online press conference held on Thursday. The company is expected to make its Kosdaq debut in early August. [HK INNO.N]

HK inno.N aims to go public early next month as Kosdaq stock, the Korean maker of hangover helpers and pharmaceuticals said Thursday.

A spin-off from CJ CheilJedang’s pharmaceutical business, the company was founded in 2014 as CJ HealthCare. It was then acquired by Kolmar Korea in 2018 and changed its name to HK inno.N last year.

Best known for K-CAB Tab, which treats gastroesophageal reflux disease, the company generated 27.8 billion won ($24.1 million) of net profit in 2020. Revenue hit an all-time high of 598.4 billion won, while operating profit was 87 billion won.

Popular hangover helper drinks Condition and Hutgaesoo are also HK inno.N products.

HK inno.N plans to offer 10,117,000 shares at between 50,000 won and 59,000 won each through the initial public offering (IPO). If the upper end of the range is hit, 596.9 billion won of stock will be sold. Korea Investment & Securities, Samsung Securities and JP Morgan are the underwriters.

The pharmaceutical company will have a market cap of between 1.45 trillion won and 1.7 trillion won after the offering.

Public subscriptions will take place on July 29 and 30. It is expected to make its Kosdaq debut early next month.

“HK inno.N will become a global bio and healthcare company with its pharmaceutical and bio technology and know-how, as well as high production capacity,” said HK inno.N CEO Kang Seok-hee during the online press conference.

BY SARAH CHEA [chea.sarah@joongang.co.kr]