The listings come as the KOSDAQ's fundraising market remains sluggish. Only 25 companies debuted on the exchange in the first half, down from 37 a year earlier, while total IPO proceeds fell to 740 billion won ($534 million) from more than 1 trillion won, according to the Korea Exchange.
The second-half IPO calendar begins with strong investor demand for HL Genomics, a manufacturer of active pharmaceutical ingredients (APIs) used in medicines for chronic diseases.
Founded in 2000, the company supplies pharmaceutical ingredients for cardiovascular, allergy, diabetes, obesity and neuropsychiatric treatments. It is scheduled to begin trading on Friday.
Institutional investors subscribed 714.5 times the shares on offer during bookbuilding, enabling the company to price its IPO at 21,500 won, the top of its target range. Retail investors also showed robust demand, subscribing 667.2 times the shares available and depositing about 4.6 trillion won.
The offering raised about 55.1 billion won, giving HL Genomics a market capitalization of roughly 167.3 billion won at the offer price.
The company has posted operating profits for 19 consecutive years, supported by stable demand from its parent, Hanlim Pharmaceutical, while steadily expanding sales to external customers. Revenue rose 2.5 percent to 28.9 billion won ($20.8 million) in 2025, while operating profit increased 3.3 percent to 9.3 billion won. It has maintained an average operating margin of 32.3 percent over the past three years.
Next in the waiting is Ingenia Therapeutics, a U.S.-based biotechnology company developing treatments for eye and kidney diseases, which is conducting institutional bookbuilding this week for a KOSDAQ listing through depositary receipts (DRs), allowing overseas companies to trade on the Korean exchange.
Its lead drug candidate, MK-8748, is a late-stage treatment for retinal diseases. The asset became part of U.S. drugmaker Merck's pipeline after its acquisition of British biotech company EyeBio in 2024.
Ingenia plans to list 5 million DRs at a target price of 12,000 won to 14,500 won apiece. Its retail subscription has been postponed to July 30-31 from the originally scheduled July 23-24.
Delicious, the operator of K-fashion wholesale platform ShinSangMarket, will also begin institutional bookbuilding from July 23 to 29 ahead of its IPO. The company plans to offer 2.2 million shares at a target price of 5,000 won to 7,000 won, with retail subscriptions scheduled for Aug. 3-4.
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