Yonwoo is set to enter the pharmaceutical and household goods packaging markets with the help of US$53.4 million raised by an initial public offering. The South Korean cosmetics packaging molder is also planning to extend its research capabilities.

The company, which is listed on the South Korean KOSDAQ exchange, sold 2.4 million shares at US$22.20 a share via the IPO.

“The capital injection will allow Yonwoo to strengthen its financial structure and advance its research and development,” commented the company in an official statement following the IPO. “The latter will place an emphasis on cosmetic dispenser technology and next-generation convergence, especially beauty products integrating IT functionality. In addition it aims to move beyond the cosmetic industry into the pharmaceutical and household goods markets, where it sees a real use for its products.”