Meju (0088M0), a digital healthcare company specializing in remote patient monitoring, surged nearly 200% on its first day of trading on the KOSDAQ market.
As of 10 a.m. on Monday, Meju was trading at 53,500 won, up 147.69% from its initial public offering price of 21,600 won, according to Korea Exchange (KRX). Shortly after the market opened, the stock hit three times its IPO price, achieving what market participants call a "triple."
Meju is a digital healthcare company founded by biomedical engineering Ph.D. researchers from Yonsei University's Wonju Campus. The company has developed and commercialized platforms that fill monitoring gaps both inside and outside hospitals, based on biosignal measurement and analysis technology. Its distinguishing feature is a business model built on ambulatory remote patient monitoring technology that extends patient care beyond hospital walls.
The company's flagship product, the ambulatory remote patient monitoring (aRPM) solution "HiCardi," is a patch-type electrocardiograph about half the size of a credit card. Attached to a patient's chest, it measures key biosignals including electrocardiogram, respiration, body temperature and oxygen saturation, transmitting the data to hospital monitoring centers via smartphones and cloud systems. Unlike conventional stationary patient monitors, HiCardi enables real-time monitoring while patients move around wards or recover at home after discharge. It is used across general wards, emergency rooms and home care settings.
HiCardi has been adopted by approximately 53% of Korea's 47 top-tier general hospitals and is currently in use at more than 700 hospitals and clinics nationwide. The company is pursuing a hospital network-based market expansion strategy in partnership with Dong-A ST (170900.KQ), which serves as both a strategic investor and domestic hospital distribution partner.
Proceeds from the IPO will be directed toward global market expansion. Meju obtained U.S. Food and Drug Administration (FDA) clearance for its HiCardi H100 in September last year and has secured a total of 16 medical device certifications across nine countries including Japan and Brazil. The company has also built a sales partner network spanning 17 countries.
The company plans to use the IPO funds for building distribution channels in North America and Europe, expanding local sales, marketing and collaborative research, and advancing artificial intelligence-based predictive and diagnostic technologies, with the goal of becoming a global medical data platform company.
