Lunit, a global provider of AI-based cancer solutions, announced that it priced its initial public offering (IPO) of 1,215,800 shares of its common stock at KRW 30,000 (US$ 23) per share. The shares are set to begin trading on the KOSDAQ market on July 21, 2022, under the ticker symbol “A32813”.
A total of 162 international institutional investors participated in the demand forecast from July 7 to July 8. In consideration of the current market circumstances, Lunit determined to offer its shares at a market-friendly price.
The proceeds from the offering are expected to be approximately KRW 36.4 billion (US$ 28 million). Lunit intends to use the proceeds to lay the cornerstone for sustainable growth by funding the R&D of its new AI products and global market development.
“I would like to express my deepest gratitude to all of our investors,” said Brandon Suh, CEO of Lunit. “During the deal roadshow, our investors unanimously acknowledged that Lunit is an impressive company doing unique things with extraordinary achievements. By going public, which is one step in our long journey, I strongly believe that we will succeed and accomplish our mission to conquer cancer through AI.”