Corporate Logo(source: TopRun Total Solution)
TopRun Total Solution, a company specializing in parts for displays and electronic systems, held a press conference at the Conrad Hotel in Yeouido, Seoul, on the 18th, outlining its business strategy and ambitions post-listing. CEO Park Young-geun emphasized that the company aims to solidify its market presence by evolving into a global original design manufacturer(ODM) that covers materials, parts, and equipment.
Founded in 2004, TopRun Total Solution has been producing advanced components for automobiles and displays as an ODM specialist. The company manufactures various parts, including automotive displays, components for cars and batteries, organic light-emitting diode(OLED) parts, and internal and external TV components.
CEO Park highlighted several key strengths of the company, including vertical integration of its manufacturing processes, a well-established global business network, and a strong partnership with LG Group.
He explained that the company manages the entire production process, from product design to mold and circuit manufacturing, allowing for efficient production tailored to clients' needs.
TopRun Total Solution has secured a broad range of global companies as clients, contributing to its stable revenue base. The company has maintained a key partnership with LG Group for over 35 years, with 82% of its total revenue coming from its business with LG affiliates, including LG Electronics(066570), LG Display(034220), and LG Energy Solution(373220). Additionally, the company has recently secured Continental, a leading global automotive parts supplier, as a new client and continues its collaborations with Hyundai Transys and Hyundai Mobis(012330).
Park further elaborated that TopRun’s relationship with LG Group started with securing LG Electronics and LG Display as clients during the company’s early days. More recently, they have strengthened ties with LG Energy Solution, having met through a project at the company's plant in Poland. He added, “We have also been selected as a supplier for production trays at LG Energy Solution’s North American plant and are exploring additional business opportunities in modular components, an area where TopRun excels.”
The company’s global network continues to expand, with subsidiaries in Vietnam, China, Poland, the U.S., and Indonesia to better serve its clients’ needs. “We’ve been delivering perfect quality, delivery, and cost(QDC) compliance to clients in five countries over the past 20 years,” Park stated, emphasizing the robust management capabilities of their overseas subsidiaries.
Thanks to these competitive advantages, TopRun Total Solution has been experiencing steady growth. Last year, the company’s sales reached 513.9 billion won, with an operating profit of 29.7 billion won, reflecting increases of 6.5% and 78.9%, respectively, from the previous year. The company’s operating profit margin also improved by 2.3 percentage points year-on-year to 5.8%.
TopRun Total Solution plans to use the approximately 30 billion won raised from its listing to make strategic equity investments and purchase office buildings to attract top talent. Of the funds raised, 20 billion won will be invested in materials, parts, and equipment companies, while 5 billion won will be used to acquire office space in the metropolitan area. Another 5 billion won will be allocated to repay debt to reduce financial costs amid high interest rates.
Market analysts are optimistic about the company’s planned expansion into materials and inspection equipment for display technologies.
Park Jong-sun, an analyst at Eugene Investment & Securities, noted, “TopRun Total Solution is developing a new special material that improves the structure and performance of existing quantum dot(QD) displays. The company plans to invest in firms with core QD and OLED technologies.”
He added, “The company is also set to strengthen its capabilities in equipment, with plans to develop display inspection equipment, optical compensation equipment, and other tools, while enhancing collaboration with its display customers. Additionally, they are considering equity investments in OLED display inspection equipment companies.”
TopRun Total Solution plans to offer 2.5 million shares. The offering price is expected to be between 12,000 and 14,000 won per share, with total proceeds and the estimated market capitalization reaching 35 billion won and 274.3 billion won, respectively, based on the upper end of the price range. The company will conduct demand forecasting until today, followed by public subscriptions on the 23rd and 24th, with a target listing date of November 4th.
KB Securities is the lead underwriter for the listing.
Corporate Logo(source: TopRun Total Solution)
TopRun Total Solution, a company specializing in parts for displays and electronic systems, held a press conference at the Conrad Hotel in Yeouido, Seoul, on the 18th, outlining its business strategy and ambitions post-listing. CEO Park Young-geun emphasized that the company aims to solidify its market presence by evolving into a global original design manufacturer(ODM) that covers materials, parts, and equipment.
Founded in 2004, TopRun Total Solution has been producing advanced components for automobiles and displays as an ODM specialist. The company manufactures various parts, including automotive displays, components for cars and batteries, organic light-emitting diode(OLED) parts, and internal and external TV components.
CEO Park highlighted several key strengths of the company, including vertical integration of its manufacturing processes, a well-established global business network, and a strong partnership with LG Group.
He explained that the company manages the entire production process, from product design to mold and circuit manufacturing, allowing for efficient production tailored to clients' needs.
TopRun Total Solution has secured a broad range of global companies as clients, contributing to its stable revenue base. The company has maintained a key partnership with LG Group for over 35 years, with 82% of its total revenue coming from its business with LG affiliates, including LG Electronics(066570), LG Display(034220), and LG Energy Solution(373220). Additionally, the company has recently secured Continental, a leading global automotive parts supplier, as a new client and continues its collaborations with Hyundai Transys and Hyundai Mobis(012330).
Park further elaborated that TopRun’s relationship with LG Group started with securing LG Electronics and LG Display as clients during the company’s early days. More recently, they have strengthened ties with LG Energy Solution, having met through a project at the company's plant in Poland. He added, “We have also been selected as a supplier for production trays at LG Energy Solution’s North American plant and are exploring additional business opportunities in modular components, an area where TopRun excels.”
The company’s global network continues to expand, with subsidiaries in Vietnam, China, Poland, the U.S., and Indonesia to better serve its clients’ needs. “We’ve been delivering perfect quality, delivery, and cost(QDC) compliance to clients in five countries over the past 20 years,” Park stated, emphasizing the robust management capabilities of their overseas subsidiaries.
Thanks to these competitive advantages, TopRun Total Solution has been experiencing steady growth. Last year, the company’s sales reached 513.9 billion won, with an operating profit of 29.7 billion won, reflecting increases of 6.5% and 78.9%, respectively, from the previous year. The company’s operating profit margin also improved by 2.3 percentage points year-on-year to 5.8%.
TopRun Total Solution plans to use the approximately 30 billion won raised from its listing to make strategic equity investments and purchase office buildings to attract top talent. Of the funds raised, 20 billion won will be invested in materials, parts, and equipment companies, while 5 billion won will be used to acquire office space in the metropolitan area. Another 5 billion won will be allocated to repay debt to reduce financial costs amid high interest rates.
Market analysts are optimistic about the company’s planned expansion into materials and inspection equipment for display technologies.
Park Jong-sun, an analyst at Eugene Investment & Securities, noted, “TopRun Total Solution is developing a new special material that improves the structure and performance of existing quantum dot(QD) displays. The company plans to invest in firms with core QD and OLED technologies.”
He added, “The company is also set to strengthen its capabilities in equipment, with plans to develop display inspection equipment, optical compensation equipment, and other tools, while enhancing collaboration with its display customers. Additionally, they are considering equity investments in OLED display inspection equipment companies.”
TopRun Total Solution plans to offer 2.5 million shares. The offering price is expected to be between 12,000 and 14,000 won per share, with total proceeds and the estimated market capitalization reaching 35 billion won and 274.3 billion won, respectively, based on the upper end of the price range. The company will conduct demand forecasting until today, followed by public subscriptions on the 23rd and 24th, with a target listing date of November 4th.
KB Securities is the lead underwriter for the listing.