Baropharm files for KOSDAQ listing to expand healthcare platform

Baropharm, a pharmacy integration platform, has submitted a registration statement to the Financial Services Commission to begin its KOSDAQ listing process. With Mirae Asset Securities serving as the lead manager, the company plans to offer 1.78 million shares with a target price range of 16,400 to 20,200 KRW, aiming for a total offering size of 29.2 billion to 36 billion KRW.

Founded in 2019 by pharmacist Kim Seul-gi, Baropharm provides a solution for pharmacies to compare inventory and prices across multiple wholesalers. The company has established a network covering over 90% of pharmacies nationwide, reaching a cumulative transaction volume of 7 trillion KRW and a reorder rate of 86%.

Baropharm is expanding through three main pillars: platform services (including AI and data services), partnership business (distribution of K-beauty and partner brands), and brand business (developing private labels for health functional foods and dermacosmetics). The company reported significant revenue growth, with consolidated revenue rising from 11.6 billion KRW in 2023 to a projected 96.7 billion KRW in 2025. In the first half of 2026, the company recorded 69 billion KRW in revenue and achieved a turnaround to profitability with an operating profit of 2.2 billion KRW.

Proceeds from the IPO will be used to upgrade AI, data, and cloud infrastructure, expand distribution networks, and support global expansion and pharmaceutical production facilities.