The bio and healthcare IPO market in South Korea is regaining momentum, with multiple companies filing for preliminary review or submitting securities reports for Kosdaq listings.
On May 28, Remedi, a developer of portable medical imaging devices, submitted its securities report for a Kosdaq IPO, just 11 business days after receiving preliminary review approval from the Korea Exchange on May 7. This marks Remedi's third attempt at listing. The company previously withdrew its application in May 2022 due to market concerns, and failed again in March 2025 after obtaining A/A grades in technology evaluation. Remedi plans to list 7,625,791 shares, including 1.2 million new shares, with a desired price range of KRW 17,800 to KRW 20,700 per share, targeting a market cap of KRW 135.7 billion to KRW 157.9 billion.
Lemon Healthcare, a digital healthcare platform connecting medical institutions and patients, submitted its securities report on April 17 and has since filed two amendments. The company, which previously withdrew its IPO application in July 2021, is now reattempting with KB Securities as the sole lead manager. Lemon Healthcare plans to list 13,351,559 shares, including 2 million new shares, with a desired price range of KRW 7,500 to KRW 10,000 per share, targeting a market cap of KRW 100.1 billion to KRW 133.5 billion. The company reported 2025 revenue of KRW 16 billion, up 7.2% year-on-year.
Ingenia Therapeutics, a biotech developing treatments for ocular, renal, and chronic diseases, received preliminary review approval on May 21, 72 business days after filing. The company has obtained A/A grades from two designated technology evaluation agencies, meeting the requirements for a technology-specialized Kosdaq listing. Ingenia plans to list 49,439,111 shares, including 5 million new shares.
Several other companies are awaiting preliminary review results, including NextGen Bio, Skylabs, HLG Genomics, MBD, MS Bio, Barofarm, and Iveks Medical Systems.
Iveks Medical Systems, a developer and seller of hyperbaric oxygen therapy chambers (HBOT), filed for preliminary review on May 6. The company plans to list 8,931,604 shares, with 1.6 million shares offered to the public.
Barofarm, a pharmacy integrated platform company, filed for preliminary review on April 30. Founded in 2019 by pharmacist Seulgi Kim and co-founder Kyungdo Shin, Barofarm operates a platform for ordering and managing pharmaceuticals, health functional foods, and cosmetics. The company has secured a network of approximately 23,000 pharmacies, representing 90% of all pharmacies in South Korea. Revenue surged from KRW 11.6 billion in 2023 to KRW 45.5 billion in 2024 and KRW 96.7 billion in 2025, an eightfold increase in two years. Barofarm plans to use the IPO to expand new businesses, including its pharmacy-exclusive health functional food brand 'Ourfarm' and the pharmacy-consumer connection platform 'Aroundfarm'.
MS Bio, a biomaterial-based medical device company, filed for preliminary review on April 16. The company specializes in acellular dermal matrix, dental bone graft materials, and ophthalmic amniotic membrane grafts. In 2025, MS Bio reported revenue of KRW 23.8 billion and operating profit of KRW 8.6 billion, up 32.4% and 42.9% year-on-year respectively. The company plans to use IPO proceeds to build a new factory in Ochang, Chungcheongbuk-do, expand overseas, and launch new products such as ECM skin boosters.
MBD, a biotech developing 3D cell culture platforms for personalized cancer treatment, filed for preliminary review on April 10. The company passed technology evaluation for a technology-specialized Kosdaq listing in November 2024. MBD's key service is 'Oncosense', a tumoroid-based anticancer drug sensitivity test, currently offered at major hospitals including Seoul St. Mary's Hospital and Samsung Medical Center for lung and ovarian cancer patients.
Among companies yet to file for preliminary review, Innovo Therapeutics passed technology evaluation on May 20, receiving A and BBB grades from two agencies. The company plans to file for preliminary review within the year. Innovo Therapeutics is developing AI-based drug discovery platform DeepZema for immuno-inflammatory and anticancer drugs, and recently signed a technology export deal with Daewoong Pharmaceutical for its 15-PGDH inhibitor compound 'INV-008', with a total deal value of up to KRW 662.5 billion including a non-refundable upfront payment of KRW 6.5 billion.
Novelty Nobility is restarting its Kosdaq listing process, having selected Hana Securities as its new underwriter and aiming to apply for technology evaluation in Q3 2026. The antibody drug developer withdrew its preliminary review application in June 2025 and has since reorganized its R&D direction and team.
Source: Read the original report | Published: May 28, 2026