With 90% of pharmacies nationwide on board, Baropharm seeks IPO to expand healthcare value chain

[Financial News] Baropharm, a medicine-ordering and brokerage platform that has secured more than 90% of pharmacies nationwide as customers, is moving ahead with a KOSDAQ listing. Through the listing, the company aims to expand beyond its platform business into the broader healthcare value chain.
At an initial public offering (IPO) press briefing held at 63 Building in Yeouido, Seoul, on the 27th, Baropharm CEO Kim Seul-gi said, “By nature, platforms require substantial investment to build infrastructure and acquire customers, but those costs were already factored in over the previous three years. As all three business divisions have grown evenly, we entered a full-fledged period of profitability in the first half of this year, when gross profit exceeded selling, general and administrative expenses.”
Founded in 2019, Baropharm is expanding its business beyond a medicine-ordering and brokerage platform for pharmacies to include its own brands and pharmaceutical manufacturing and distribution. On a consolidated basis, revenue rose from 11.5 billion won in 2023 to 45.5 billion won in 2024 and 96.7 billion won in 2025. Revenue in the first half of this year was 69 billion won, equivalent to about 71% of last year’s full-year revenue.
Operating losses were 2.49 billion won in 2023, 5.45 billion won in 2024 and 3.93 billion won in 2025, before the company turned to an operating profit of 2.21 billion won in the first half of this year.
The company plans to use the IPO proceeds to advance its AI-based healthcare AX ecosystem, expand sales channels in North America and Japan for its own brands, including Rebikyu, and increase production capacity. In particular, it aims to expand beyond its platform business across the broader healthcare value chain. It is also pursuing ways to strengthen its production base, including through the acquisition of CHD Pharmaceutical. Its goal is to bring the cost ratio for its own brands below 50%.
Baropharm will offer a total of 1.78 million shares in the listing, all newly issued. The indicative price range is 16,400 to 20,200 won per share, with the offering expected to raise approximately 29.2 billion to 36 billion won.
The book-building process will run from October 22 to 28, and the retail subscription is scheduled for November 2–3. The listing is scheduled for November 11. Mirae Asset Securities is the lead underwriter.
Baropharm Chief Financial Officer (CFO) Han Cheol-ho said, “While expanding the healthcare ecosystem through our platform, we will diversify our in-house pharmaceutical distribution and pharmacy-chain brand businesses and demonstrate sustained results.”
[email protected] Kang Jung-mo Reporter