Vaccine developer SK Bioscience to raise $1.3 bln in S.Korea's largest IPO since 2017 (updated)

Hyundai Bioscience Co

08/03/2021 07:31

(Adds milestone, IPO details, background)
    By Joyce Lee
    SEOUL, March 8 (Reuters) - South Korean vaccine developer SK
Bioscience Co Ltd is expected to raise 1.5 trillion won ($1.33
billion) in the country's largest IPO since 2017, after pricing
the listing at the top of an indicative range, it said on
Monday. 
    SK Bioscience said in a regulatory filing that it had priced
the IPO at 65,000 won per share, compared with an indicative 
range of 49,000 won to 65,000 won per share, making it the
biggest South Korean IPO since game company Netmarble
 251270.KS  raised 2.7 trillion won in a May 2017 IPO, according
to Korea Exchange data. 
    The pricing values the firm at 5 trillion won. 
    The IPO will offer 15.3 million new shares and 7.65 million
existing shares. SK Bioscience's largest shareholder, SK
Chemical  285130.KS , will hold a 68.4% stake in the drug
company after the listing, SK Bioscience said in a filing.  
    SK Bioscience has agreements to produce COVID-19 vaccines
for AstraZeneca  AZN.L  and Novavax Inc  NVAX.O  in Korea, and
received regulatory approval in November to begin human clinical
trials of its own COVID-19 vaccine.  urn:newsml:reuters.com:*:nFWN2KL0LU urn:newsml:reuters.com:*:nL1N2ID0BS
    South Korea is set for a busy IPO market this year as firms
take advantage of robust retail demand, which started last year
and allowed successful IPOs by companies such as affiliate SK
Biopharmaceuticals  326030.KS .  urn:newsml:reuters.com:*:nL4N2JB0RD
    SK Bioscience's listing is expected on March 18. 
    
    ($1 = 1,128.3500 won)

 (Reporting by Joyce Lee; Editing by Himani Sarkar and Gerry
Doyle)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))