Biotechnology company Ingenia Therapeutics surged in its Korean trading debut as investors welcomed the first listing of a U.S.-based company on South Korea's Kosdaq market in more than five years.

The Boston-based company raised 60 billion won, equivalent to $42.3 million, via the issuance of 5 million Korea depositary receipts at 12,000 won each.

The KDRs closed 50% higher at 17,990 won on Tuesday.

Founded in 2018, Ingenia specializes in developing vascular-targeted therapies, a type of antibody therapeutics targeting cancer.

The company said Tuesday that the initial public offering marks a major milestone in its efforts to develop and bring its vascular-stabilization treatments to global markets.

The Korean market has attracted several listings of U.S.-based biotech companies, often with Korean founders or management, over the years.

However, the number of such listings has remained limited, partly due to regulatory hurdles and the valuation gap between Korean- and U.S.-listed companies.