Bae Kim & Lee (BKL) is counselling biotech firm Ingenia Therapeutics on its Kosdaq IPO in the first listing of a US-based company in Korea, which expects to raise KRW60 billion (USD42.4 million) on its 18 August 2026 debut.
Ingenia Therapeutics is offering 5 million Korea depositary receipts (KDRs) priced at KRW12,000 each and issued on a 1:1 ratio with its underlying US common shares. The final IPO price of KRW12,000 per share – the lower end of the targeted KRW12,000 to KRW14,500 band – brings total offering proceeds to KRW60 billion and a market capitalisation of KRW642 billion.
“This marks the first listing of a US-based company on the Korea Exchange in approximately five and a half years,” Yelim Hyon, a co-lead partner for the BKL team, told Asia Business Law Journal.
Hyon said that while several US firms had submitted applications and underwent regulatory reviews, none had successfully secured approval to complete a formal listing. Ingenia Therapeutics’ success, however, could signify a notable resumption of US company IPOs in South Korea, she said.
BKL acted for Ingenia, providing general legal advisory services, including reviewing domestic Korea Exchange listing regulations, evaluating the listing framework, and conducting due diligence on contracts and transaction structures with local legal implications. Hyon co-led the BKL team with Hee-Gang Shin.
“Unlike standard domestic IPOs, the transaction required designing the deal structure and listing procedures to align with both South Korean listing and disclosure rules and US corporate and securities laws,” said Hyon.
She said a key aspect involved aligning the issuer’s US-based governance, capital structure and equity compensation plans with the Korea Exchange’s review standards for foreign companies.
The US aspect of the IPO was handled by Greenberg Traurig’s shareholders, including Justin Mann, Nathan Emeritz, Pallav Raghuvanshi, Christopher Gottfried, Matthew Levinstein and Jason Simon.
Hyon said this transaction could establish a positive precedent for foreign companies exploring public listings in South Korea.
“With predictable legal listing paths and proven capital-raising functions, South Korea can offer a practical financing option for foreign companies, helping its capital market transition from a purely domestic focus toward global standards,” she said.
Ingenia Therapeutics specialises in developing targeted antibody treatments for microvascular conditions with significant unmet medical needs.
