Multiple Korean biotech and industrial companies are entering public subscription phases on the Korean stock market this week. Ingenia Therapeutics will confirm its offering price on the 28th and conduct public subscription from the 30th to the 31st, offering 5 million Korean Depositary Receipts (KDRs) at a target price range of 12,000-14,500 KRW. K&S INC begins institutional demand forecasting from the 27th to the 31st for 2.4 million shares priced at 9,000-11,000 KRW, while Gido Industrial launches its institutional roadshow from the 30th through next month's 5th for 1.7 million shares at 24,800-28,400 KRW. Delicious continues its ongoing demand forecasting until the 29th, and Remedi faces its first post-IPO lock-up expiration on the 28th, releasing 250,656 shares. These IPO activities reflect sustained momentum in Korea's new listing market, with companies across biotech, satellite communications, apparel manufacturing, and e-commerce platforms seeking capital for R&D expansion, facility upgrades, and debt repayment.
Ingenia Therapeutics Offers 5M KDRs in Public Subscription
Ingenia Therapeutics completed institutional demand forecasting last week and will confirm its offering price on the 28th before conducting public subscription from the 30th to the 31st. As a U.S.-based company, it will offer 5 million Korean Depositary Receipts (KDRs) instead of common shares, with a target price range of 12,000-14,500 KRW and expected proceeds of 60-72.5 billion KRW. Samsung Securities serves as the lead underwriter.
Ingenia Therapeutics is a Korean-founded biotech company established in the United States in 2018 by CEO Han Sang-yeol. The company is incorporated in Delaware, operates in Massachusetts, and maintains a 100% subsidiary in Korea. It develops antibody therapies that restore damaged vascular endothelial cell function while simultaneously suppressing disease-causing proteins.
The company's lead pipeline candidate is IGT-427, a retinal disease treatment. In 2022, Ingenia licensed this candidate to Eyebio, an ophthalmic disease specialist biotech. U.S. pharmaceutical company MSD subsequently acquired Eyebio and is currently conducting Phase 2b/3 trials for wet age-related macular degeneration. Ingenia also directly develops IGT-303, a chronic kidney disease treatment undergoing Phase 1/2a trials in Australia and New Zealand, with plans to pursue trials in Korea. Additional pipeline candidates include glaucoma treatments, anticancer agents, and pulmonary arterial hypertension therapies.
For valuation purposes, the company selected Yuhan Corporation, Hanmi Pharmaceutical, Chong Kun Dang, and HK Inno.N as comparable companies — all domestic listed pharmaceutical firms conducting drug R&D and technology licensing while maintaining profitability. The enterprise value was calculated by applying these companies' average price-to-earnings ratio (PER) to Ingenia's 2026-2028 estimated net income converted to present value.
However, Ingenia currently does not generate stable profits. The company recorded no revenue in 2024 and posted losses due to R&D spending. Ingenia targets a return to profitability this year based on milestone payments from its MSD licensing agreement. Projected total revenue from 2025 to 2029 is $499.67 million.
These projections depend heavily on clinical progress and technology transfer outcomes. The amended prospectus explicitly states that delays in IGT-427 clinical results or approval timelines could postpone or eliminate milestone payments from MSD. If technology transfers for follow-on pipelines like IGT-303 are delayed or fail, achieving projected revenues will be difficult. Even with signed licensing agreements, conditional payments tied to clinical milestones may result in actual cash inflows differing significantly in size and timing from upfront payments.
K&S INC Launches Institutional Demand Forecasting for VSAT Antenna Business
Satellite communications antenna specialist K&S INC will conduct institutional demand forecasting from the 27th to the 31st. The company will offer 2.4 million new shares at a target price of 9,000-11,000 KRW, with expected proceeds of 21.6-26.4 billion KRW. IBK Securities serves as the lead underwriter.
K&S INC originated as a KT internal venture in December 2001 and specializes in satellite communications antennas. The company develops and manufactures antennas for ships, naval vessels, submarines, and vehicles. Main products include commercial Very Small Aperture Terminal (VSAT) antennas and military VSAT antennas. The company is also developing Electronically Steered Array (ESA) antennas to address the low Earth orbit satellite communications market.
Despite revenue recovery, losses continue. Revenue declined from 17.35 billion KRW in 2023 to 13.48 billion KRW in 2024, then rebounded to 17.78 billion KRW in 2025. However, increased R&D investment and workforce expansion drove selling and administrative expenses higher, resulting in operating losses of 1.61 billion KRW in 2024 and 1.76 billion KRW in 2025 — two consecutive years of losses. In Q1 2026, the company posted revenue of 3.54 billion KRW and an operating loss of 996 million KRW.
The company expects to return to profitability this year based on expanding military satellite communications antenna sales. Revenue from the Navy's Maritime Operations Satellite Communications System-II project, awarded in 2024, began reflecting in financials from Q4 2025. The company's estimated revenue for 2026 is 29.17 billion KRW with operating profit of 1.68 billion KRW.
However, according to the amended filing submitted after regulatory correction requests, cumulative revenue through May 2026 reached only 5.8 billion KRW — 19.89% of the annual target. Operating losses for the same period totaled 2.11 billion KRW. The company attributes this to business characteristics where military and commercial VSAT sales concentrate in the second half. If second-half delivery schedules are delayed, the gap between annual targets and actual results could widen.
At the lower end of the offering price range, net proceeds after issuance costs will be 20.65 billion KRW. Of this amount, 19.35 billion KRW will be used for operating expenses and 1.3 billion KRW for facility investments. Operating funds will cover R&D expenses, research personnel recruitment, research equipment procurement, and raw material purchases for product manufacturing. Facility funds will be invested in equipment expansion for antenna development, testing, and production.
Gido Industrial Targets 42.2-48.3 Billion KRW Fundraising for Overseas Expansion
Gido Industrial will conduct institutional demand forecasting from the 30th through next month's 5th. The company will offer 1.7 million new shares at a target price of 24,800-28,400 KRW, with expected proceeds of 42.16-48.28 billion KRW. Mirae Asset Securities serves as the lead underwriter, with Samsung Securities participating as the underwriting company.
Gido Industrial is an OEM manufacturer of high-performance specialty apparel including outdoor and motorcycle clothing. The company processes waterproof and windproof fabrics and supplies them to global brands. Major clients include Barbour, Jack Wolfskin, Harley-Davidson, and F&F.
Annual performance has steadily increased. Consolidated revenue grew 27.4% from 272.1 billion KRW in 2024 to 346.6 billion KRW in 2025. Operating profit increased 25.0% to 32.2 billion KRW during the same period, while net income rose 41.9% from 24.9 billion KRW to 35.3 billion KRW.
However, 2025 net income includes equity method gains from affiliated companies such as Gido Sports. In November 2025, Gido Industrial spun off its investment business division consisting of stakes in Gido Sports and Scorpion Sports Europe, which was then absorbed by Gido Sports. Following the split, the company no longer recognizes equity method gains or dividend income from these entities.
Gido Industrial recognized 14.34 billion KRW in equity method gains in 2025 and received 710 million KRW in dividends from Gido Sports. While this does not directly impact apparel OEM revenue or operating profit, reduced non-operating income may result in lower net income going forward compared to historical levels. Gido Industrial provided detailed clarification on this matter in an amended filing submitted on the 14th.
The company plans to use IPO proceeds for overseas production capacity expansion, operational efficiency improvements, and debt repayment. It will prioritize 16 billion KRW for factory expansion and facility investment at its Bangladesh production subsidiary. Funds will also be allocated to smart factory, artificial intelligence (AI), and information technology (IT) infrastructure development.
Delicious Extends Demand Forecasting for Fashion B2B Platform
Delicious, a fashion business-to-business (B2B) platform operator that began demand forecasting last week, continues the process until the 29th. The target offering price is 5,000-7,000 KRW for 2.2 million new shares, with expected proceeds of 11-15.4 billion KRW. Korea Investment & Securities serves as the lead underwriter.
Delicious operates Sinsang Market, a platform connecting Dongdaemun fashion wholesale vendors with domestic and international retail operators. Primary revenue sources include Sinsang Ad, where wholesale vendors advertise products, and subscription services for wholesale and retail operators.
For enterprise valuation, Delicious selected Meatbox Global, Cafe24, and U.S.-listed companies Etsy and Global-e Online as comparable companies. The selection considered commonalities in operating online platforms that connect vendors and customers while generating revenue from advertising, subscriptions, and transaction intermediation. However, none are fashion B2B platform companies with business structures identical to Delicious.
The offering price calculation applied an average price-to-earnings ratio (PER) of 23.93x from these companies. Global-e Online's PER of 45.49x is higher than other comparables, elevating the overall average. Excluding Global-e Online, the average PER of the remaining three companies is 16.75x.
Remedi Approaches First Lock-Up Release on the 28th
Remedi faces its first post-IPO lock-up expiration on the 28th. The released volume consists of 250,656 shares that institutional investors agreed to hold for 15 days — representing 27.85% of the 900,000 shares allocated to institutions.
Lock-up agreements are commitments by institutional investors receiving IPO allocations not to sell shares for a specified period. While lock-up expiration does not guarantee all shares will be sold, increased tradable volume during the early post-listing period can amplify price volatility.
FAQ
What is Ingenia Therapeutics offering in its Korean IPO?
Ingenia Therapeutics is offering 5 million Korean Depositary Receipts (KDRs) at a target price range of 12,000-14,500 KRW. The company will confirm the offering price on the 28th and conduct public subscription from the 30th to the 31st, with Samsung Securities as the lead underwriter.
When does K&S INC conduct institutional demand forecasting?
K&S INC conducts institutional demand forecasting from the 27th to the 31st for 2.4 million new shares priced at 9,000-11,000 KRW, with IBK Securities serving as the lead underwriter.
What happens to Remedi shares on the 28th?
Remedi experiences its first post-IPO lock-up expiration on the 28th, releasing 250,656 shares that institutional investors agreed to hold for 15 days — representing 27.85% of institutional allocations.
