Why Samsung BioLogics’ IPO was such a hit

Investors piled into the biologic drug manufacturer’s listing despite a young corporate history and an unimpressive track record of generating profits.

Why Samsung BioLogics’ IPO was such a hit

When South Korea’s Samsung BioLogics announced its plan to list in the domestic market, it offered investors a deal that on the surface looked like an unappealing proposition.

It was not the long-established corporate titan that Korean investors are used to. In fact, it had been operating less than six years. It had less than $30 million of cash last year. Perhaps most importantly, it was unprofitable until 2015, when it turned in...

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