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March 29, 2024

IMM reaps W50b from Celltrion Healthcare ahead of IPO

PUBLISHED : June 23, 2017 - 16:26

UPDATED : June 23, 2017 - 16:26

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[THE INVESTOR] Korea’s private equity firm IMM Investment has offloaded some of its Celltrion Healthcare stocks worth 50 billion won (US$43.84 million) ahead of a planned initial public offering in July, according to local news reports on June 23.

IMM Investment sold 1 percent stake, or around 1.12 million shares, in the marketing affiliate of Korean biosimilar maker Celltrion this month. The stocks were worth 41,000 won per share, the upper range of the indicative price range of the upcoming IPO in July. Before the sell-off, the private equity company had held 7.89 percent stake in Celltrion Healthcare. 




Although IMM offloaded an insignificant amount of shares, its move is in stark contrast to other existing institutional investors, including One Equity Partners and Ion Investment, which had decided not to exit.

The latest stock offloading by IMM was reportedly requested by limited partners in its fund who demanded returns. IMM had agreed in advance with Celltrion Healthcare to sell shares at the upper indicative price.

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)

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