L&C Bio Posts 103.92% Subscription Rate for 144.7 Billion Won Rights Offering

[Financial News] L&C Bio recorded a 103.92% subscription rate among existing shareholders in a rights offering worth approximately 144.7 billion won. With subscriptions exceeding the number of shares offered, the company plans to complete the offering without a separate public offering of unsubscribed shares.
L&C Bio said on the 16th that it had received subscriptions for 3,845,212 shares in the existing-shareholder subscription for its shareholder-allocation rights offering, held on the 14th and 15th, exceeding the planned issuance of 3.7 million shares. The final subscription amount was approximately 150.35 billion won, above the offering amount of 144.67 billion won.
Of the proceeds, 105 billion won (approximately 72.6%) will go toward a global integrated production and research and development center that the company is pursuing in Dongtan, Hwaseong City, Gyeonggi Province. It plans to use 24.67 billion won for operating expenses, including raw-material purchases, and 15 billion won to repay debt. The company aims to increase production capacity for human tissue grafts and medical devices based on human tissue by expanding its existing production facilities in Seongnam and building the Dongtan center.
The offering is intended to secure the production infrastructure needed to grow earnings and expand overseas operations. L&C Bio’s consolidated revenue in the first half of this year was 69.1 billion won, up 80.6% from the same period a year earlier, while operating profit reached 14.6 billion won, turning positive.
The payment date for the rights offering proceeds is the 22nd, and the new shares are scheduled to be listed on November 4. L&C Bio is also conducting a bonus issue, allotting one new share for each common share. The record date for allotment of the bonus-issue shares is the 27th, and the new shares are scheduled to be listed on November 12.
[email protected] Jung Sang-hee Reporter