Korean Pharma IPO Rush: MyungIn, Samik, Mothers Pharm Gear Up

Several long-standing South Korean pharmaceutical companies are preparing to go public, underscoring an industry shift from generics toward innovation and overseas expansion. According to industry sources on September 8, MyungIn Pharm, Samik Pharm, and Mothers Pharm have each advanced plans to list on South Korean exchanges between 2025 and 2026.

Founded in 1985, MyungIn Pharm commands the top market share in central nervous system (CNS) specialty medicines, with a portfolio spanning schizophrenia, depression, and anxiety. While widely recognized for consumer products such as Igatan (gum disease) and Makin-Q (constipation), the company has relied on internal cash flow for nearly 40 years, avoiding external investment.

In August, MyungIn filed a securities registration statement to launch its IPO. Institutional demand forecasting begins September 15, followed by general subscriptions on September 18–19. KB Securities is the lead underwriter. The company plans to issue 3.4 million new shares at $32.42–$41.78 each, targeting proceeds of over $108 million and a post-listing market cap of about $612 million.

MyungIn posted revenue of $175 million and operating profit of $60.2 million in 2023, rising to $194 million and $66.9 million, respectively, in 2024. Despite a fair value estimate of $61.60 per share, the IPO price range was set up to 47% lower—a conservative discount well beyond the usual 20–30% seen in recent pharma listings. Analysts view this investor-friendly pricing as a bid to ensure IPO success and post-listing stability, avoiding the sharp valuation drops seen in some recent debuts.

Samik Pharm, established in 1973, has long focused on cardiovascular and diabetes treatments but is now expanding into contract manufacturing (CMO) for higher-value growth. To accelerate its market entry, the company opted for a SPAC merger with Hana No. 28 Special Purpose Acquisition Company. The merger, involving 2.02 million shares and valuing Samik at $47.1 million, is set for October 13 ahead of its KOSDAQ debut.

Revenue rose from $33.7 million in 2022 to $40.3 million in 2024. In Q1 2025, sales reached $10.1 million with a 7.2% operating margin. With a debt ratio of 24.6%, the company highlights financial stability.

Merger proceeds will be directed to expanding Incheon Plant 1, boosting R&D, and scaling CMO operations. Samik has set a long-term revenue goal of $57.4 million by 2029. However, success in CMO and first-generic development remains limited, making post-listing execution critical for investor confidence.

Mothers Pharm, founded in 2011 through its acquisition of Anam Pharm, has grown rapidly into one of Korea’s fastest-rising players. Sales exceeded $7.2 million in 2014 and reached $72.1 million in 2022—a tenfold increase in eight years. Growth has continued, with first-half 2025 revenue at $81.3 million.

The company’s strategy centers on formulation diversification, strengthening its generics business with differentiated products such as combination therapies and sustained-release tablets. Flagship launches include Mela-M SR, Itandol Plus, and Teneliglip. Mothers has also expanded partnerships, signing an exclusive sales deal with SK Chemicals for Acerisone. Manufacturing capacity was bolstered by completion and KGMP certification of its Iksan plant.

In 2024, Mothers Pharm appointed NH Investment & Securities and KB Securities as joint lead underwriters to begin IPO preparations. Currently in the IR and registration stage, the company aims for a KOSDAQ debut in the first half of 2026. Proceeds will support global drug development initiatives and continued expansion of its formulation portfolio.