Orum Therapeutics Lowers IPO Price Range

• Orum Therapeutics (475830 KS) has lowered its IPO price range to 24,000 won to 30,000 won.

• The IPO offering amount will be between 60 billion won to 75 billion won. The expected market cap of the IPO is between 531 billion won to 664 billion won.

• Our updated valuation of Orum Therapeutics suggests implied target price of 24,939 won per share, which is 8% lower than the mid-point of the revised down IPO price range.