ARTICLE | Finance
Multiples in Korea
Why big venture returns on Korea's Qurient is likely an exception
March 21, 2016 7:00 AM UTC
While Novartis Venture Fund is looking at significant paper gains after a recent IPO by portfolio company Qurient Co. Ltd. (KOSDAQ:115180), the VC's experience is more likely the exception than the rule. The reason is that Korean biotechs tend to jump straight from government funding to a public listing.
On Feb. 29, Qurient raised W32.5 billion ($26 million) in an IPO through the sale of 1.5 million shares at W21,000. As of Friday the stock had advanced to W41,700, giving it a market cap of about $241 million. ...