[E-Daily Reporter YU JIN-HEE ] The investment paradigm in the biotech and medical device market is rapidly shifting from a focus on mere “future value” to a focus on “companies backed by concrete performance and proven numbers.” Amid this performance-driven market, a “sleeping giant” that possesses all three key elements—technological capabilities, global market scalability, and impressive order wins—has finally emerged.

According to the Electronic Disclosure System on the 13th, #Remedy, a company specializing in low-dose, ultra-compact portable X-ray solutions, will officially list on KOSDAQ today. Previously, Remedy demonstrated strong market interest by finalizing its offering price at 20,700 won—the upper limit of its target price range—during the bookbuilding process for institutional investors.

The total funds raised through this offering amount to 24.84 billion won. The reason Remedy was able to garner such full confidence from institutional investors, even amid a frozen initial public offering (IPO) market, is clear. Market experts unanimously agree that Remedy possesses “a solid asset backed by proven results” that goes beyond mere expectations.

Market-Recognized Unparalleled Success in “Bookbuilding” and Solid Institutional Trust

Amid a market driven by biotech earnings, expectations for Remedy’s post-listing performance are even higher. The most notable aspect of Remedy’s IPO process was undoubtedly the participation rate among institutional investors. According to the final securities offering report, while the total allocation for institutional investors was 900,000 shares, the number of institutional investors participating in the bookbuilding process reached a staggering 2,246, with total subscription volume amounting to 1,031,768,000 shares. The simple subscription ratio among institutional investors stood at 1,146.41 to 1. Looking at the price distribution of the bids, excluding those that did not specify a price (0.7%), 2,160 institutions—accounting for 96.2% of all participating institutions—submitted bids at the upper end of the offering price range, 20,700 won. The number of applications exceeding the upper end of the price range also reached 69 (2.5%), meaning that the vast majority of participating institutions effectively valued Remedy at or above the upper end of the range.

This strong demand carried over to the retail subscription as well. A total of 316,557 subscription applications were received for the retail offering, which allocated 300,000 shares. The total subscription volume was recorded at 512,013,160 shares. The massive influx of 5.2993 trillion won in subscription deposits alone demonstrated the market’s enthusiasm. The final subscription competition ratio stood at 3,412.42 to 1.

The capital market’s confidence in Remedy is also clearly evident in the “lock-up commitments” made by institutional investors. According to the final allocation results, 697,500 shares—approximately 77.5% of the 900,000 shares allocated to institutional investors—were subject to lock-up commitments ranging from a minimum of 15 days to a maximum of six months. Specifically, one-month lock-up agreements accounted for the largest share at 278,484 shares (30.94%), followed by 15-day lock-up agreements at 250,656 shares (27.85%), followed by 103,348 shares (11.48%) under a 3-month commitment and 65,012 shares (7.22%) under a 6-month commitment. The fact that the volume available for trading immediately after the IPO is only 202,500 shares—equivalent to 22.5% of the institutional allocation—completely dispels concerns about an overhang (a large volume of shares hitting the market) in the early stages of the listing and provides strong support for stock price stability.

Financial Stability and Steep Earnings Growth Backed by “Numbers”

The fact that a significant portion of the IPO proceeds will be focused on facility expansion investments also demonstrates Remedy’s confidence. The current total production capacity (CAPA), which stands at 3,400 units per year, will increase to 3,700 units this year following efficiency improvements, and will more than double to 7,000 units next year once the first phase of automation is fully implemented. Subsequently, by 2028, when the second phase of automation is completed, production capacity will expand to 7,700 units per year.

This aggressive investment is expected to further accelerate Remedy’s growth. Remedy’s revenue showed steady growth, rising from 13.4 billion won in 2024 to 14.6 billion won in 2025. Of particular note is the dramatic turnaround in profitability. Operating profit for 2025 reached 2.8 billion won, marking a remarkable 191.3% increase year-over-year. Net income also surged 586.1% year-over-year to 5.1 billion won, marking a complete turnaround in terms of financial health. This is attributed to the company’s efforts to expand into overseas markets, which bore significant fruit last year when Remedy became the first foreign company to secure a major order for 1,534 units in a public healthcare X-ray equipment tender held by India’s Ministry of Health and Family Welfare.

Remedy is now embarking in earnest on its second leap forward following its IPO. At the heart of this strategy is a plan to invest a total of 12.1 billion won in research and development (R&D) and strengthening its global sales network, with the goal of completely widening the technological gap with its competitors. Specifically, a total of 4.9 billion won will be allocated to “technological advancement and next-generation product development.” In addition, the company will expand investments in: △ X-ray generation and control technology that delivers high-quality images even under low-dose conditions, as well as improvements to high-voltage (HV) module efficiency; △ diversification of its derivative product portfolio, including the development of portable and mobile product lines and tubes dedicated to industrial NDT (non-destructive testing); and △ the establishment of a CRM/service platform for global customer management and data-driven product improvements.

To meet growing export volumes, Remedy plans to focus on obtaining overseas approvals and strengthening its global sales organization. In particular, the company will establish key regional subsidiaries in India, Indonesia, the Philippines, South Africa, and Brazil to directly bid on large-scale projects in the global procurement market. By expanding the workforce at its existing Indian subsidiary—which was established early on—and establishing a foothold in Africa and new subsidiaries in Southeast Asia, the company aims to secure large-scale supply contracts linked to Official Development Assistance (ODA). Furthermore, the company will establish a local subsidiary in the United States—the world’s largest market—and focus on targeting the home healthcare market, where demand for in-home medical visits and diagnostics in long-term care facilities is surging. Through these strategic investments, Remedy has outlined a roadmap to achieve sales of 24 billion won this year, 40 billion won next year, and over 60 billion won by 2028.

A Remedy official stated, “We will use the proceeds from the public offering to significantly expand our production capacity to 7,700 units annually and accelerate our global expansion,” adding, “We will prove our value through performance and results.”