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.

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 an extremely thin profit of $810,000 for the entire year.

But on Friday, Samung BioLogics priced the country’s third largest initial public offering in history, raising W2.2 trillion $2 billion from...

¬ Haymarket Media Limited. All rights reserved.

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