Bioviz, raises 60 billion won through 0% interest rate, premium-priced issuance, signaling confidence in K-aesthetics

Bioviz has completed the issuance of 60 billion won in convertible bonds (CBs). Both the coupon and maturity interest rates were set at 0%, while the conversion price was set at 14,000 won, a 26% premium to the reference share price. The bonds do not include a refixing provision that would lower the conversion price if the share price falls, and the company can exercise a call option, or put-back request right, on up to 50% of the issued amount. This suggests that institutional investors placed a high value on the company’s fundamentals and global growth potential.

Performance provided the backdrop for the unusual terms

Bioviz disclosed the results of its first privately placed, unsecured, unguaranteed bearer convertible bond issuance through the electronic disclosure system on the 18th. The payment date was the same day, and the issuance was conducted as a domestic private placement. The initial board resolution approving the issuance was made on the 10th, and the company disclosed the issuance decision that day. The convertible bonds are not scheduled to be listed, and the planned and actual numbers of shares to be issued were not reported.

The company’s performance in the first half of this year made these issuer-friendly terms possible. In the first half of 2026, Bioviz recorded revenue of 17.9 billion won and operating profit of 5.3 billion won, achieving an operating margin of 29.6%. In just six months, operating profit surpassed the 4.2 billion won recorded for the full previous year. In particular, U.S. revenue surged from about 300 million won for all of last year to approximately 7.1 billion won in the first half of this year alone, increasing its share of total revenue to 39.5%. China’s share of revenue, which had previously reached 68%, fell to 45%.

“China’s excessive contribution had served as a valuation discount factor, but that factor is being removed as the share of U.S. revenue rose to 39.5% in just six months,” said Woo-bin Jeon, senior researcher at independent research firm ValueFinder. He added, “Because the U.S. expansion has been achieved through simultaneous growth in online and offline channels, earnings stability has improved, and this will serve as a factor supporting an increase in corporate value going forward.”

Expanding beyond Amazon and Walmart to offline pharmacy chains

Bioviz’s strategy for the U.S. market is drawing attention because it is based on a direct-to-consumer (D2C) model rather than simple exports or reliance on vendors. The company is already listed on major North American online channels, including Amazon, Walmart’s online store and Ulta Beauty, and is also discussing placement in approximately 1,400 stores, including the U.S. pharmacy chain Real Road Drugs. This aligns with the emergence of K-aesthetics as a global trend, extending beyond cosmetics-focused K-beauty to include minimally invasive medical-aesthetic procedures such as fillers, toxins and skin boosters.

Of the 60 billion won raised, 40 billion won will be used to build a second plant and expand production capacity, including through GMP certification. The remaining 20 billion won will be used for global marketing, including in the United States, and research and development (R&D) for new businesses. In addition to its existing flagship hyaluronic acid filler products, the company is also moving in earnest into the extracellular matrix (ECM) skin-booster business based on acellular allogeneic dermis. The move is intended to address the regenerative aesthetics trend.

Plans to expand into Europe, South America and the Middle East after completion of the second plant

Once the second plant expansion is complete, Bioviz will have production lines capable of reliably meeting rapidly growing demand in the North American market. The company is pursuing European CE certification and plans to expand its regulatory approvals and market entry into countries in South America and the Middle East. With the unusual terms of no refixing and a premium-priced issuance addressing concerns about dilution of existing shareholders’ stakes, the speed at which the raised funds translate into results is expected to be the market’s next focus.