SEOUL, May 22 (Yonhap) -- A South Korean cosmetics maker Manyo said Monday it plans to make an initial public offering (IPO) to the secondary KOSDAQ market next month.
Manyo made the announcement at a news conference, saying it will offer 2 million shares for public subscription at a desired price between 12,000 won (US$9.09) and 14,000 won per share.
The value of the company's public offering is estimated to range between 24 billion won and 28 billion won, and the cosmetics brand's aggregated market value after the IPO is expected to be between 196.5 billion won and 229.3 billion won.
Manyo, founded in 2012, is a local cosmetics brand with skincare, vegan lifecare, bodycare and vegan color makeup lines. Cleansing oil is one of its most popular products.
Last year, Manyo posted a net profit of 17.3 billion won and 101.8 billion won in sales. Its operating profit was 24.5 billion won.
In 2022, overseas sales, mostly in Japan, accounted for more than 50 percent of the company's total sales.
Manyo said it also plans to break into other major foreign markets, including China, the United States and Europe.
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