Quadmedicine, a company specializing in medical microneedle platforms, surged more than 50% on its first day of trading on the KOSDAQ market Wednesday.
Shares of Quadmedicine (471900.KQ) were trading at 23,850 won, up 59% from its initial public offering price of 15,000 won, according to Korea Exchange data.
Quadmedicine possesses technology that enables customized responses to various formulations and purposes, including vaccines, peptides, and mRNA, through its microneedle platform. The company has secured capabilities ranging from precision injection molding technology for microneedles to automated production systems for designing optimal formulations and mass-producing finished products.
Quadmedicine plans to accelerate commercialization across various sectors based on its contract development and manufacturing organization (CDMO) business model. The company intends to use IPO proceeds to strengthen CDMO capabilities, expand research and development and clinical trials, and enhance production infrastructure to fully commercialize its microneedle platform.
The company's public offering attracted a subscription ratio of 607.38-to-1 from retail investors, with subscription deposits reaching 1.936 trillion won. The book-building process for institutional investors drew participation from 2,249 institutions, recording a competition ratio of 1,139.61-to-1.
