Samsung Biologics aims to raise 2.25t won in IPO

Seoul

SAMSUNG Biologics Co is seeking to raise as much as 2.25 trillion won (S$2.77 billion) from a South Korean initial public offering, taking an important step towards its goal of becoming the world's largest contract manufacturer of biological medicines.

The drug-making arm of the South Korean conglomerate will offer about 16.5 million shares at 113,000- 136,000 won apiece, according to a filing on Tuesday. Samsung Biologics will gauge demand for the share sale from Oct 26 to 27 with a final price to be announced on Oct 28.