November 28, 2024

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Medicube's Booster Healer beauty device (Medicube)

South Korean beauty tech conglomerate APR announced Thursday that it has attracted 8 billion won ($6.1 million) through a pre-initial public offering, which is to be mainly funneled into its beauty device business.

NH-Soo Investment Capital’s Innovation Growth M&A Investment Association, SJ Partners and IBK Industrial Bank of Korea participated in the pre-IPO investments, based on its recognized corporate value of 700 billion won.

APR has several brands encompassing street fashion and skin care, including Medicube, AGE-R, Aprilskin, Nerdy and Glam. D Bio.

Among them, AGE-R, a home beauty device brand introduced in 2021, showed significant growth.

More than 700,000 AGE-R beauty devices, designed to enhance collagen stimulation and tighten skin, have been sold in two years since its launch. Sales of the product have surpassed 150 billion won, according to the firm.

APR has sold 200,000 beauty devices overseas annually in the United States, Japan, China, Hong Kong and Singapore. The company plans to explore markets in South America and Europe in the future.

APR in January opened ADC, a research facility specializing in beauty devices, and is also developing innovative technologies by securing more than 30 patents. In addition, R&D technology is being enhanced by conducting cosmetics research, operating clinical centers and developing mobile apps that generate sales synergy with their beauty devices.

APR will establish a more stable and innovative product supply system through the pre-IPO funds. The company said it will internalize the vertical process structure through the whole system of beauty device development to manufacturing and distribution.

"Through this investment, we will lay the foundation for innovation in beauty devices and supply capabilities to become an unrivaled company," an APR official said, adding, "We plan to increase the value of the company up to trillion won."

Shinhan Securities is the sole book running lead manager of APR’s listing on the secondary Kosdaq market, and is preparing for preliminary approval in the third quarter of this year, according to APR.

By Kim So-yeon (sera13@heraldcorp.com)