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Biz News Korea(Eng)

China’s Triplex to pursue $41.4 mn pre-IPO placement

Collected: 2016.12.28

Distributed: 2016.12.29

Source: Go Direct

China’s biotech firm Triplex International Biosciences Co. is readying a pre-initial public offering (IPO) placement for shares worth 50 billion won ($41.4 million) ahead of going public on the Korean secondary market Kosdaq next year.

According to the investment banking industry Tuesday, Triplex International Biosciences will issue 50 billion won in convertible bonds (CBs) and offer them to Korean private equity firms and venture capital companies early next year. At the same time, it will work to complete proceeding for Kosdaq IPO within the first half.

Headquartered in Xiamen, southern China, Triplex International Biosciences develops and supplies medical diagnostic reagents and instruments including cervical cancer testing kits. It was established in 2002 and registered around 10 billion won in net profit on about 60 billion won in sales last year. Market observers expect its market capitalization would surpass 500 billion won upon joining the Korean bourse.

Triplex International Biosciences opted to go public with Kosdaq over the Hong Kong stock exchange amid strong appetite for bioengineering stocks in Korea. Shinhan Investment Corp. leads its IPO.

By Song Gwang-sup

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