Ingenia Therapeutics Sees 15% Rally on Kosdaq Debut

Ingenia Therapeutics, a Boston-based antibody drug developer, made its debut on South Korea's Kosdaq market on the 18th. The stock initially dipped below its IPO price of 12,000 won (approximately $8.5), falling as low as 9,900 won (approximately $7), before staging a dramatic intraday rebound to 15,230 won (approximately $11).

Despite recording this year's lowest bookbuilding competition ratio of 50.4 to 1 and a retail subscription ratio of just 3.09 to 1, optimism surrounding IGT-427, a retinal disease candidate now in Merck's official pipeline, fueled the turnaround.

The company plans to invest the IPO proceeds into follow-on pipeline R&D. Its most anticipated asset is IGT-427, a retinal disease candidate that has been incorporated into the official pipeline of global pharmaceutical giant Merck.