On June 11, 2025, GCgenome, a subsidiary of the GC Green Cross Group specializing in liquid biopsy and clinical genome analysis, made a strong debut on the Kosdaq market, capturing significant investor attention and marking a milestone in South Korea's biotech sector.
The company's initial public offering (IPO) was met with enthusiasm both domestically and internationally, underscoring the growing confidence in GCgenome's technological capabilities and global expansion potential. At the opening bell, GCgenome's shares surged nearly 40% above the IPO price, briefly surpassing 15,000 won before settling to trade at slightly lower but still impressive levels throughout the morning. By 9:04 AM, the stock was trading at 14,610 won, reflecting a 39.14% increase from the IPO price of 10,500 won. Later in the morning, the price hovered around 14,370 won (36.86% up) and then moderated to 12,310 won by 10:22 AM, still 17.24% above the IPO price. As of 10:39 AM, it was trading at 12,230 won, representing a 16.48% gain.
This strong market performance came on the back of a highly competitive and successful IPO process. Demand forecasting for institutional investors, held from May 19 to May 23, 2025, attracted participation from 1,692 domestic and overseas institutions. These investors applied for a staggering 1,642,409,961 shares, resulting in a competition ratio of 547.47:1. Notably, 95.87% of these institutions offered prices at or above the upper band of the IPO price range (9,000 won to 10,500 won), with 8.34% placing orders above the final IPO price of 10,500 won. This intense demand secured the IPO price at the top of the desired band, signaling strong market confidence.
Following the institutional demand forecast, GCgenome's general public offering, conducted over two days on May 29 and 30, 2025, continued to generate remarkable interest. The offering drew subscription deposits totaling approximately 2.5415 trillion won and achieved a competition ratio of 484.1:1 among retail investors. This robust public response further solidified the company's position as a leading biotech IPO of the year.
GCgenome's IPO raised approximately 42 billion won, with the company's post-listing market capitalization projected to be around 248.3 billion won. This made it the second-largest technology-specialized IPO in South Korea for 2025, a feat largely attributed to the active participation of high-quality overseas institutional investors. The success reflects the market's belief in GCgenome's potential to expand its footprint globally, particularly in the competitive and growing field of liquid biopsy and clinical genome services.
Founded in 2013 as a subsidiary of GC Green Cross, GCgenome has established itself as a pioneer in clinical genome analysis. The company provides an extensive portfolio of over 300 genetic testing services, spanning health check-ups, prenatal and newborn screenings, precise cancer diagnostics, and rare genetic disease testing. These services are delivered to more than 900 hospitals and clinics across South Korea.
One of GCgenome's competitive advantages lies in its integrated logistics system. Through a one-day specimen transportation network linked with its sister company GC Cell's infrastructure, the company ensures rapid and reliable sample delivery, a critical factor in clinical diagnostics. This logistical edge supports the company's stable revenue growth and service quality.
Among GCgenome's flagship products are 'iCANSEARCH,' a multi-cancer early detection test, and 'G-NIPT,' Korea's leading prenatal screening test. The company recently achieved a significant technological milestone by securing patent registration in Japan for its AI-based cell-free DNA (cfDNA) analysis technology, which enhances early cancer diagnosis algorithms. This innovation positions GCgenome to enter the Japanese early cancer diagnosis market, estimated to be worth around 3 trillion won.
In collaboration with GC Green Cross's Japanese affiliate, GC Lymphotech, GCgenome officially launched the iCANSEARCH product in Japan in April 2025. The company has been actively engaging with hospitals through symposiums and expanding partnerships, receiving encouraging feedback from the initial market.
GCgenome's CEO, Ki Chang-seok, expressed gratitude to the investors for their support and confidence. He emphasized the company's commitment to leveraging the IPO funds to accelerate research and development aimed at broadening cancer type coverage and extending diagnostic capabilities across the entire cancer progression spectrum. Ki also highlighted plans to diversify the company's presence in global markets, particularly in Japan and the United States.
"GCgenome is a company that provides over 300 types of genetic testing services to more than 900 hospitals and clinics, maintaining stable revenue growth," Ki said. "We will continue to strengthen our performance and presence in the global market to become a top-tier leader in liquid biopsy and clinical genome analysis worldwide. Our goal is to transform the paradigm of early diagnosis globally through our results."
The IPO's success and the company's strategic direction illustrate a broader trend in the biotechnology sector, where innovative diagnostic technologies and global market expansion are key drivers of growth. GCgenome's strong debut on the Kosdaq market not only reflects investor optimism but also signals the increasing importance of precision medicine and early cancer detection in healthcare.
As GCgenome moves forward, the company aims to capitalize on its technological strengths and robust market demand to cement its position as a global leader. With a solid foundation, cutting-edge products, and a clear vision for international growth, GCgenome is poised to make significant strides in the clinical genomics landscape in the years ahead.
