Celltrion Healthcare clears concerns over accounting flaws
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5 things to know before Celltrion Healthcare’s IPO
The decision eases concerns that Celltrion Healthcare’s IPO could be delayed if the SFC slapped stronger penalties, which could have led to a new preliminary review for listing on the KOSDAQ market.
Prior to the regulator’s conclusion, the Korean Institute of Certified Public Accountants, which inspects the financial records of unlisted firms, conducted an in-depth audit of Celltrion Healthcare’s accounting practices from March.
Having cleared the financial accounting woes, the company and IPO underwriters will be in full swing to ensure a successful market debut by launching an investor roadshow in New York, San Francisco, London, Hong Kong and Singapore for two weeks from July 3.
Celltrion Healthcare, which owns the exclusive rights to market, sell and distribute Celltrion’s biosimilar drugs, aims to raise up to 1 trillion won from its share sale. It will sell 24,604,000 new shares at an indicative price range of 32,500 won to 41,000 won.
By Park Han-na (hnpark@heraldcorp.com)