Credit Suisse has been chosen to manage the sale of a 30.33% stake in South Korean dental implant manufacturer Dio Corp that is owned by the major shareholder Dio Holdings and affiliated persons, industry sources said on Thursday (February 18).

The sale manager has not yet released details of the planned bidding schedule.

“Potential buyers are paying attention to the sale, with Dio’s sale manager selected,” said an industry source, adding, “Advisory firms are also becoming active.”

Founded in 1988, Dio entered the implant market in 2002 and generates most of its revenue from overseas markets, including the U.S. and China. Dio Holdings tried to sell the company in 2020 but got a poor response due to worries over its financial performance and a decline in its stock price. Dio Corp’s financial performance was badly affected hit by the Covid-19 pandemic last year.

The firm recorded revenue of 84.8 billion won ($76 million) in the first nine months of 2020, down from 90.8 billion won in the same period a year earlier. Its operating income also decreased by about 25% to 19.9 billion won. Dio’s shares cost 37,500 won apiece when Dio Holdings made its two purchases in 2018 and they were hovering around the 30,000 level.

However, Dio made a turnaround in the fourth quarter of 2020, recording revenue of 35.3 billion won and an operating income of 10.2 billion won. Its stock price has been rising since the beginning of 2021 and closed at 39,600 won on February 17.

Strategic investors and financial investors are expected to show interest in the company thanks to the growing implant market and Dio’s stable market share. (Reporting by Se-hun Jo)