Korea-based STIC Private Equity is reportedly expecting a 4x return on its $2.2m investment in biotech business Access Bio following a partial exit through an IPO.
The firm already has a money multiple of 2.31 times after selling some of its holding in two tranches, one before and one after the KOSDAQ listing according to AVCJ.
Access, which makes disease testing kits, priced its listing at KRW4,500 per share, but the stock closed on more than double that following the first day of trading yesterday.
STIC currently holds a 15 per cent stake in the business, down from the 28.9 per cent it owned before the stake sales, AVCJ added.
The firm, which was founded in 1999, currently has more than $2bn of assets under management and targets Asia-based growth stage mid-cap companies.
A report by the Wall Street Journal said the deal valued the stake at KRW420bn ($388m), citing sources with knowledge of the situation.
Copyright © 2013 AltAssets