Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Aimed Bio Inc. provides medical technology development seervices. The Company develops cancer cell-targeting antibody technologies and other products. Aimed Bio conducts businesses in South Korea.

<ul>
<li>Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.</li>
<li>A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.</li>
<li>Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.</li>
</ul>


Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.
A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.
Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.


Aimed Bio IPO Book Building Results Analysis

TMC Co., Ltd. manufactures wires. The Company produces ship cables, passenger ship cables, offshore cables, military cables, fiber optic cables, and other products. TMC conducts businesses in South Korea.

<ul>
<li>TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share. </li>
<li>TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.</li>
<li>At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won. </li>
</ul>


TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share. 
TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.
At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won. 


ABLBio, Inc. operates as a drugs development company. The Company develops and manufactures neurodegenerative diseases therapeutic drugs, oncology therapeutic drugs, and other products. ABLBio markets its products throughout Korea.

<ul>
<li>On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly &amp; Co (LLY US) worth 22 billion won (US$15 million).</li>
<li>ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.</li>
<li>Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.</li>
</ul>


On 14 November, ABLBio (298380 KS) announced that it has signed an equity investment agreement with Eli Lilly &amp; Co (LLY US) worth 22 billion won (US$15 million).
ABL Bio will issue 175,079 new shares at 125,900 won per share (27% lower than current price). Despite the high valuation multiples, we maintain a Positive view on ABL Bio.
Its recent major technology agreement with Eli Lilly serves as strong validation from a leading global pharmaceutical company, confirming the significant market potential of ABL’s unique platform technology.


ABL Bio: Equity Investment of 22 Billion Won from Eli Lilly

LIVSMED is a global medical device company.

<ul>
<li>Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range. </li>
<li>At our base case valuation, Livsmed's market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.</li>
<li>LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.</li>
</ul>


Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range. 
At our base case valuation, Livsmed's market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.


CMTX Co Ltd operates as a process parts and materials manufacturing company. The Company manufactures silicon parts for etching process equipment, sapphire parts for deposition process equipment, and ceramic parts in the semiconductor pre-processing process. CMTX serves customers worldwide.

<ul>
<li>CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1. </li>
<li>Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price). </li>
<li>Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign. </li>
</ul>


CMTX finalized its IPO price at 60,500, the high end of the IPO price range. The book building process saw participation from 2,423 institutions. Demand ratio was 756.19 to 1. 
Our base case valuation of CMTX is implied market cap of 1.0 trillion won or 106,847 won per share (65% higher than the IPO price). 
Given the excellent upside, we have a Positive View of this IPO. The 71.8% shares that are under lock-up periods is high and this suggests a very bullish sign. 


Coverage of South Korea IPOs & Placements