Lemon Healthcare, a company pursuing an initial public offering on the KOSDAQ, has set its IPO price at 10,000 won, the top of its indicative range. The pricing reflects strong interest in the competitiveness and growth potential of the company's flagship medical MyData brokerage platform. Lemon Healthcare plans to list on the KOSDAQ market in July following a general subscription this week.
According to investment banking industry sources Monday, Lemon Healthcare completed its book-building among institutional investors from June 15 to 19. The company had proposed an indicative price range of 7,500 to 10,000 won and said it finalized the offering price at the top of the range. About 99% of the 2,233 participating institutions bid at or above the top of the range, resulting in a subscription ratio of 1,238 to 1.
Long-term investment commitments were relatively weak. Only 150 institutions, or 7% of participants, indicated they would not sell their shares for a certain period after listing. Lemon Healthcare is the fourth company among those that listed on the KOSDAQ this year to record a single-digit ratio of mandatory lockup commitments, following Chaevi, Piece Peace Studio, and StradVision.
By pricing the offering at the top of the range, Lemon Healthcare will raise 20 billion won through the IPO. The company plans to use the proceeds to build infrastructure for the distribution and trading of medical data for artificial intelligence (AI) training and to upgrade its existing services. In line with the easing of regulations on telemedicine and the use of medical data, the company is also pursuing new businesses such as mobile issuance of medical imaging between hospitals and non-face-to-face telemedicine services among medical staff.
Lemon Healthcare will conduct a subscription for general investors over two business days starting June 24, before listing on the KOSDAQ market around July. Its expected market capitalization is around 133.5 billion won. "We thank all investors who positively evaluated Lemon Healthcare's platform competitiveness and growth potential," Lemon Healthcare CEO Hong Byung-jin said. "Using the KOSDAQ listing as a springboard, we will upgrade our medical MyData brokerage platform and grow into a medical data brokerage infrastructure company that connects the era of medical AI."
