[THE INVESTOR] Seoul-based Hana Pharm said on Sept. 14 it has priced its initial public offering at 26,000 won (US$23.25) per share to raise around 106.1 billion won.

The shares are expected to start trading on the benchmark KOSPI market on Oct. 2. 

It’s around the midpoint of the price band of 24,500 won to 28,000 won, it had previously suggested.

According to the company, the institutional investor portion of the IPO was subscribed 101.5 times with strong demand from foreign investors.

“Even though the domestic stock market was unstable and the size of the public offering was over 100 billion won, many institutional investors evaluated Hana Pharma’s corporate value,” said an official at Mirae Asset Daewoo, which is in charge of the IPO procedures.

Proceeds from the share sale will be used for production facilities and new drug development.

The pharmaceutical firm is pinning hopes on Remimazolam, an intravenous and ultra-short-acting anesthetic drug it licensed from German’s Paion in 2013. The therapy will be commercialized in 2021 here.

By Park Han-na (hnpark@heraldcorp.com)