Fashion B2B platform operator Delicious conducts institutional demand forecast from July 23, while HLG Genomics lists on KOSDAQ on July 24 and Lemon Healthcare faces its first lock-up expiration on July 21. Delicious operates 'Shinshang Market' connecting Dongdaemun fashion wholesalers with domestic and international retailers, offering 2.2 million shares at 5,000–7,000 KRW per share with Korea Investment & Securities as lead underwriter. HLG Genomics, a pharmaceutical ingredient manufacturer and wholly owned subsidiary of Hanlim Pharm, recorded 667.23:1 retail subscription competition ratio during July 13–14 with approximately 4.6 trillion KRW in deposits, setting its IPO price at 21,500 KRW (upper bound) for a total offering of 55.1 billion KRW. Lemon Healthcare's first lock-up release on July 21 affects 724,123 shares (48.27% of institutional allocation), though the stock fell from an intraday high of 20,300 KRW on its July 6 listing day to the 5,000 KRW range by July 16. The Korean IPO market enters its fourth week of July with three companies at different stages: institutional demand forecasting, market debut, and post-listing lock-up expiration.
Delicious Launches Institutional Demand Forecast from July 23
Delicious begins institutional investor demand forecasting on July 23. The company offers 2.2 million common shares entirely as new stock issuance. The target IPO price range is 5,000–7,000 KRW. Total expected offering amount is 11–15.4 billion KRW. Korea Investment & Securities serves as lead underwriter.
Delicious operates 'Shinshang Market', a fashion B2B platform connecting Dongdaemun fashion wholesale operators with domestic and international retail businesses. Main revenue sources include advertising service 'Shinshang Ad' and subscription services 'Shinshang Membership' and 'Plus Membership'.
The company plans to expand global operations by attracting overseas retail businesses from Japan and Southeast Asia to the Shinshang Market platform. Proceeds from this offering will be allocated to overseas business expansion and platform competitiveness enhancement. Based on the lower bound IPO price, net proceeds of 10.658 billion KRW will be allocated as follows: 4.355 billion KRW for operating funds, 4.303 billion KRW for securities acquisition in other corporations, and 2.001 billion KRW for facility funds. Operating funds will support overseas business operations and service upgrades, while facility funds will strengthen logistics competitiveness. Securities acquisition funds will serve as strategic investment resources for global business expansion.
Delicious recorded operating losses of 11.8 billion KRW in 2023 and 5.7 billion KRW in 2024 on a consolidated basis, then turned to operating profit of 1.6 billion KRW last year. The company maintained profitability in Q1 this year with 600 million KRW operating profit. Net income showed 3.6 billion KRW profit last year, followed by 1.2 billion KRW net loss in Q1 this year. Last year's net profit benefited from approximately 10 billion KRW derivative valuation gain from preferred stock accounting treatment. The company stated that excluding this one-time factor, Q1 this year's net loss decreased significantly compared to last year.
HLG Genomics Lists on KOSDAQ July 24
HLG Genomics lists on the KOSDAQ market on July 24. The company is an active pharmaceutical ingredient (API) manufacturer with Hanlim Pharm as its parent company holding 100% equity. It produces key raw materials required by pharmaceutical companies to manufacture finished drugs such as tablets and injections. The company primarily manufactures APIs for chronic disease treatments in cardiovascular and respiratory categories. It has established market position with a diverse product lineup centered on high-difficulty, high-value-added products.
HLG Genomics is the first among Hanlim Pharm's five subsidiaries to pursue listing. Since parent company Hanlim Pharm is unlisted, recent financial authority guidelines on duplicate listings do not apply.
Retail subscription conducted July 13–14 recorded 667.23:1 competition ratio with approximately 4.6 trillion KRW in deposits. Institutional demand forecasting attracted 2,148 institutions with 714.52:1 competition ratio. The IPO price was set at 21,500 KRW, the upper bound of the 18,500–21,500 KRW range. Total offering amount is 55.1 billion KRW.
The company plans to allocate IPO proceeds to production capacity expansion. While currently focused on the domestic market, it is pursuing second factory expansion to secure mid- to long-term growth foundation and diversify customer base. The new facility aims to meet EU-GMP (European Union Good Manufacturing Practice) standards for production facilities and quality control systems, considering future overseas market entry. HLG Genomics stated that this listing will enable production capacity expansion and accelerate global API market penetration.
Lemon Healthcare First Lock-Up Release July 21
Lemon Healthcare faces its first post-listing lock-up expiration on July 21. Lock-up commitments represent shares institutional investors pledged not to sell for a specified period. While expiration does not guarantee immediate full-volume selling, early-stage listings may experience increased supply pressure and price volatility.
The released volume represents approximately half of institutional allocation. 724,123 shares subject to 15-day holding commitment become tradable. This represents 48.27% of the 1.5 million institutional allocation and 36.21% of the total 2 million IPO shares.
The stock price already trading significantly below IPO price presents a variable. Lemon Healthcare reached an intraday high of 20,300 KRW on its July 6 listing day but declined to the 5,000 KRW range by July 16. This suggests lower probability of lock-up expiration immediately triggering large-scale selling. Nonetheless, as an early-stage listing, price volatility may increase depending on institutional trading activity on the release date.
FAQ
What is Delicious offering in its IPO starting July 23?
Delicious conducts institutional demand forecast from July 23, offering 2.2 million common shares at a target price range of 5,000–7,000 KRW per share with Korea Investment & Securities as lead underwriter. The company operates 'Shinshang Market', a fashion B2B platform connecting Dongdaemun wholesalers with domestic and international retailers, and plans to use proceeds for overseas expansion and platform enhancement.
When does HLG Genomics list on KOSDAQ and what were its subscription results?
HLG Genomics lists on KOSDAQ on July 24 after recording 667.23:1 retail subscription competition ratio during July 13–14 with approximately 4.6 trillion KRW in deposits. The company set its IPO price at 21,500 KRW (upper bound of the 18,500–21,500 KRW range) for a total offering of 55.1 billion KRW, and is the first of Hanlim Pharm's five subsidiaries to pursue listing.
How many shares does Lemon Healthcare's July 21 lock-up release affect?
Lemon Healthcare's first lock-up expiration on July 21 releases 724,123 shares subject to 15-day holding commitments, representing 48.27% of the 1.5 million institutional allocation and 36.21% of total IPO shares. The stock fell from an intraday high of 20,300 KRW on its July 6 listing day to the 5,000 KRW range by July 16.
