Ingenia Therapeutics rose sharply after an early selloff in its Kosdaq debut on the 18th, with the Boston-based antibody drug developer listing through Korean Depositary Receipts backed by shares issued in the United States. The stock opened at 10,960 won, 8.67% below its 12,000 won IPO price, fell as low as 9,900 won, and then reversed course to trade at 13,870 won as of 2:52 p.m., up 15.58% from the offer price, after touching an intraday high of 15,230 won for a gain of 26.92%. The listing came after a weak subscription process. Institutional bookbuilding demand was 50.4 to 1, retail subscription was 3.09 to 1, the institutional lock-up commitment ratio for 15 days or longer was 2.23%, and about 45,000 shares went unsubscribed. The final IPO price was fixed at the bottom of the indicative range, raising about 60 billion won. Analyst Lee Myung-sun of DB Securities said the rebound reflected low IPO pricing during a period of weak healthcare-sector sentiment, followed by improving conditions for pharmaceutical and biotech stocks and retail buying aimed at short-term gains. Investors are also watching Ingenia Therapeutics' pipeline, especially IGT-427, a retinal disease candidate that was licensed to UK-based EyeBio in 2022 in a deal valued at more than 1 trillion won and later became part of Merck's pipeline after Merck acquired EyeBio for $3 billion. The candidate, now called MK-8748, is in Phase 3 trials for wet age-related macular degeneration, with a separate Phase 3 study in diabetic macular edema expected to begin. Ingenia Therapeutics, founded in Boston in 2018, is developing antibody drugs aimed at restoring damaged microvasculature. It has two platforms based on technology from KAIST and the Institute for Basic Science: TIE-body, which directly activates the vascular stabilization receptor TIE2, and LCIDEC, which combines that approach with disease-causing protein degradation. Its follow-on candidate IGT-303 for chronic kidney disease is in Phase 2a trials in Australia, New Zealand and South Korea, with a global out-licensing target of 2027, while IGT-532 for solid tumors is being prepared for clinical trials. Proceeds from the IPO will be used for follow-on pipeline research and development.