LGELECTRONICS(066570)Although Remedy had received equity investment from [Company Name], its path to a KOSDAQ listing has not been easy. In 2022, Remedy filed for a preliminary review for a KOSDAQ listing with MIRAE ASSET SECURITIES as the lead underwriter but later withdrew the application. Subsequently, in 2024, it withdrew again after KB Securities and Shinhan Investment Securities served as joint lead underwriters. This is its third attempt, and with KB Securities as the sole lead underwriter, the company is finally clearing the final hurdle.
Founder and Advisor Irena’s stake valued at 58 billion won
Based on the target price range of 17,800 won to 20,700 won per share presented in its securities registration statement, Remedy’s market capitalization at the time of listing is expected to be between 135 billion won and 157.1 billion won. KB Securities is the lead underwriter.
Based on the upper end of the target price range, the value of the 2,805,440 shares (representing a 36.8% stake post-offering) held by Remedy’s largest shareholder, Technical Advisor Irena, amounts to 58 billion won. A three-year lock-up period applies to the largest shareholder and related parties.
LGELECTRONICS(066570), and DAWONSYS Co., LTD—all of which hold 1% or more of Remedy’s shares—are subject to a three-month lock-up period on their holdings. Other financial investors (FIs), including Intervalue Partners, Jin & Investment Partners, Myriad Partners, and N-Block Investment, have each set lock-up periods of either one month or three months.
Remedy was founded in 2012 by Advisor Irena. She earned her master’s and doctoral degrees in Nuclear Engineering from MIT and served as a researcher in the Department of Radiology at Harvard Medical School. She worked as a technology management consultant at McKinsey & Company and has been a professor in the Departments of Radiation Oncology and Biomedical Engineering at Ewha Womans University since 2000. After founding Remedy, she served as CEO from 2012 to 2016 and from 2021 to 2023. She stepped down to become a research advisor in 2023 and appointed CEO Cho Bong-ho as a professional manager in her place.
CEO Cho holds a bachelor’s degree in Electrical Engineering from Myongji University and has a track record of leading sales departments at both domestic and foreign pharmaceutical companies, including 21 years at Schering Korea, 5 years at Korea, and 9 years at DongKook Pharmaceutical Co.,Ltd. He joined Remedi in 2022 as Head of Sales and was subsequently appointed CEO as a professional manager.
A notable feature of Remedy is its commitment to separating management from ownership by pledging not to appoint the largest shareholder as CEO even after the IPO. Furthermore, the company has pledged to the stock exchange that it will not hire any close associates of the largest shareholder as executives or employees.
Additionally, Remedy secured a voluntary lock-up commitment from individual shareholder Kim Hyun-seop—who holds more than 5% of the company’s shares—covering 40% of his shares for periods of one month and one year following the IPO. Furthermore, Mr. Kim pledged not to oppose management decisions while holding Remedy shares and to exercise his voting rights jointly with the largest shareholder at shareholders’ meetings.
Another commitment Remedy made to the exchange concerns its repayment plan for loans secured by patent rights. Remedy plans to make a lump-sum repayment of the loan, which matures in June 2026, to protect its core patents.
Plans to Build a Production Plant in Southeast Asia and Establish a U.S. Subsidiary
Remedy returned to profitability in 2024. Last year’s revenue was 14.6 billion won, a 9% increase from the previous year. Operating profit tripled to 2.7 billion won, and net profit increased sevenfold to 5.0 billion won. The company projected revenue of 24.2 billion won, operating profit of 6.3 billion won, and net profit of 5.0 billion won for 2026.
Remedy’s core technology is low-dose, high-resolution, compact, and lightweight X-ray technology. Based on this, the company has developed a lineup of medical and dental X-ray products. The majority of its revenue comes from the “KA6” medical X-ray system.
Remedy’s KA6 can be used for imaging the △arms and legs, △skull, △chest, △pelvis (normal weight), and △abdomen (normal weight). The product weighs 2.4 kg, making it more than 30% lighter than Competitor A’s 3.5 kg product. It also features instant startup, with imaging preparation completed in less than 5 seconds—significantly faster than the 1–2-minute warm-up time required by competitors’ products.
The KA6 received medical device approval in South Korea in 2020 and obtained European CE certification and U.S. FDA 510(k) clearance in 2021. Since then, it has received approvals in India, Thailand, Australia, Malaysia, Indonesia, Ukraine, the Philippines, Mexico, Morocco, Israel, and Myanmar.
The company plans to expand the range of body parts that can be imaged with the KA6 and launch the XCAM series, which supports wireless operation. This is one of the intended uses for the cash raised through the initial public offering (IPO).
Through this initial public offering, Remedy aims to raise between 21.3 billion and 24.8 billion won. The company has stated that the funds will be allocated as follows: 5.9 billion won for facility investments, 10.0 billion won for working capital, and 5.0 billion won for debt repayment.
Specifically, the capital for facilities will be used to build automated facilities and establish a mass production system. Furthermore, the company announced plans to establish local production bases in countries with high market potential and strong procurement demand to secure overseas orders. India, Indonesia, and the Philippines are being considered as priority locations.
The company stated that it intends to use the working capital to develop next-generation products and lay the groundwork for entering advanced markets such as the United States and Europe. It also announced that it would actively consider establishing a U.S. subsidiary and making strategic equity investments or pursuing mergers and acquisitions (M&A) with companies that have local distribution networks.
