IPO market busy in final week of July with Ingenia subscription, Neoview relisting

The IPO market enters a busy final week of July, with biotech firm Ingenia Therapeutics opening its public share subscription and vehicle display specialist Neoview relisting on Kosdaq. I&C Technology, Delicious and Gido Industries are also set to draw institutional investor attention through book-building rounds.

According to the financial investment industry on Saturday, Ingenia Therapeutics will conduct its public share subscription for retail investors Wednesday through Thursday. Ingenia Therapeutics is a US-based biotech company developing treatments for kidney disease using antibody technology that protects and restores microvascular function. It is pursuing its listing through depositary receipts.

Its lead pipeline candidate, MK-8748, is an ophthalmology drug candidate that global pharmaceutical giant Merck (MSD) acquired through its purchase of EyeBio. The compound is currently in global Phase 2b/3 clinical trials for wet age-related macular degeneration, a key investment highlight.

The company said that even if technology transfer sales are delayed beyond expectations, it can cover research and development costs and operating expenses for the next two to three years using existing cash and offering proceeds alone, with no pressing need for additional fundraising in the near term.

As of late March, the company held $5.88 million in cash and liquid financial assets. Combined with approximately 60 billion won expected to be raised through this offering, total available funds are projected to reach around 70 billion won.

I&C Technology will conduct institutional investor book-building from Monday through Friday. Founded in 2011, the company develops and manufactures satellite communication antennas.

I&C Technology has primarily produced small civilian satellite communication antennas and is expanding its portfolio into defense products, including submarine military antennas (M4M). It recently secured a contract to build a maritime operational satellite communication system for the Republic of Korea Navy, adding to its track record in the military market.

Delicious, the operator of Sinsang Market — a B2B fashion platform for the Korean fashion industry — is continuing institutional book-building that began Thursday through Wednesday. Its indicative offering price range has been set at 5,000 to 7,000 won per share. Delicious plans to use the proceeds to expand its global software-as-a-service business and advance into the Japanese market.

Gido Industries will run institutional book-building from Friday through Aug. 6. The company produces cold-forged components used in automobile bodies and battery systems, and plans to direct the proceeds toward expanding production facilities and equipment investment.

Neoview will relist on Kosdaq on Monday. The company was established through a spin-off of the automotive display division of Tobis, a Kosdaq-listed firm.

Korea Exchange said Thursday it had approved Neoview's relisting on Kosdaq. Following completion of the spin-off process, the surviving entity Tobis and the newly established Neoview will each begin trading Monday — Tobis through a change of listing and Neoview through a relisting.