Two KOSDAQ Playbooks: L&C Bio's 140 Billion Won Rights Offer, Bonne's Private Placement

Two KOSDAQ-listed companies disclosed new share issues on July 31, and the gap between them is instructive: L&C Bio (290650) will seek roughly 140 billion won from its shareholder base in a rights offering earmarked largely for facility investment, while Bonne (226340) will raise about 2.2 billion won in operating funds by placing new shares with a single investment partnership. One filing is a capital-intensive bet on expansion that asks every shareholder to participate; the other is a quick, negotiated top-up of working capital.

A 140 Billion Won Ask, Routed Through Shareholders

L&C Bio’s plan is the larger and more demanding of the two. The company approved a capital increase of approximately 140 billion won, structured as an offering to existing shareholders first, with any shares they decline then offered to the general public. Proceeds are earmarked primarily for facility investment.

The company, founded on August 2, 2011 by Lee Hwan-cheol and headquartered in Jungwon District of Seongnam, Gyeonggi Province, has traded on KOSDAQ under code 290650 since its November 2018 listing. Its founder, together with nine other shareholders, controls roughly 31.33 percent of the company — a detail that matters here, because a rights offering forces that group to choose between committing fresh cash pro rata or accepting dilution. The structure at least ensures the raise does not hinge on insiders alone: whatever shareholders forfeit moves on to public subscription.

Debt Lessons Behind the Equity Choice

The decision to raise equity rather than borrow reads differently in light of the company’s recent balance-sheet history. L&C Bio previously disposed of a 9.77 percent stake in surgical-robot maker Curexo, and the convertible bonds it had issued to fund that investment created liquidity pressure when they matured. A rights offering carries no maturity date and no conversion overhang — capital that cannot come due at an awkward moment.

The offering also lands amid a broader reshaping of the company’s holdings. In 2025, L&C Bio carried out a share exchange with Humedix valued at about 15 billion won, part of a pattern of active portfolio moves that a thicker equity cushion would make easier to sustain.

Bonne’s Two Billion Won Shortcut

Bonne’s filing, disclosed the same day, sits at the opposite end of the spectrum. The company will raise about 2.2 billion won — 2,203 million won, precisely — by allotting new shares to a single buyer, the H investment partnership, with the proceeds designated for operating funds among other uses.

A third-party allotment of this kind trades breadth for speed. There is no subscription period and no uncertainty about demand: the price and the buyer are settled by negotiation, and the deal is effectively done when the counterparty commits. The cost is borne by existing holders, who are diluted without being offered a chance to participate — a trade-off smaller listed companies routinely accept when the need is modest and time-sensitive.

Scale, Purpose, and What Each Deal Must Prove

The two raises differ by a factor of roughly sixty in size, and the purposes diverge just as sharply: long-term facilities on one side, day-to-day operating money on the other. They also face different tests. Bonne’s placement succeeded the moment its investor signed; L&C Bio’s offering must now win over shareholders and, for any forfeited portion, the general public — a verdict that will arrive through subscription rates over the coming months. The third-party route’s routine place in the market was visible the same week in a separate filing with the Financial Supervisory Service’s DART system, in which DYD reported the completed results of its own third-party allotment.

For L&C Bio, the open questions are the final offer price, the subscription terms, and whether the founder-led shareholder bloc puts in its share. For Bonne, the raise is already history; what remains is how far 2.2 billion won of operating money stretches.