Corporate Logo(source: e-sungwoo.co.kr)
Sung Woo, a global manufacturer of safety components for secondary batteries, is conducting its public offering subscription for retail investors over two days, from the 21st to the 22nd.
According to the financial investment industry on the 21st, Sung Woo's public subscription for retail investors is being held on the 21st and 22nd, with the final offering price set at 32,000 won. The company is scheduled to be listed on the KOSDAQ market on October 31, with Korea Investment & Securities serving as the lead underwriter.
Founded in 1992, Sung Woo initially focused on the manufacturing and sale of electronic gun components for cathode-ray tube(CRT) TVs. Since 2008, the company has diversified its product lineup, now primarily engaged in the manufacturing and sale of secondary battery components. With decades of experience in the press business, Sung Woo produces components for secondary batteries, as well as parts for electric vehicles and energy storage systems(ESS).
Sung Woo’s flagship product is the "Topcap Ass’y," a key safety component designed to reduce the risk of fire in secondary batteries. Since 2016, the company has supplied this component, developed exclusively for LG Energy Solution(373220), to a global IT giant, A, for use in its wireless earphones' ultra-small batteries. Sung Woo has supplied components for approximately 200 million sets of these wireless earphones.
In addition, since 2018, Sung Woo has been supplying its self-developed Topcap Ass’y for electric vehicles through LG Energy Solution to a global electric vehicle company, T. To date, Sung Woo has supplied enough Topcap Ass’y for 400,000 electric vehicles. While competitors may emerge, Sung Woo believes its technological and production capabilities give it a competitive edge.
Sung Woo has achieved significant growth in recent years, with consolidated sales increasing from 80.9 billion won in 2021 to 146.7 billion won in 2023. For the first half of this year, sales reached 70 billion won. Operating profit also rose from 6.7 billion won in 2021 to 28.9 billion won in 2023, strengthening profitability. In the first half of 2023, despite challenges in the electric vehicle market, Sung Woo achieved an operating profit of 10.3 billion won.
Earlier this month, Sung Woo conducted a demand forecast for domestic and international institutional investors from October 10 to 16. The offering saw participation from 2,327 institutions, resulting in a subscription rate of 516 to 1. Approximately 98.5% of the participating institutions offered prices above the upper limit of the proposed price range(25,000 to 29,000 won), with bids at 32,000 won or higher.
Sung Woo plans to enhance profitability by supplying additional components such as anode and cathode current collectors, alongside Topcap Ass’y, for LG Energy Solution's 4680 battery production, which is set to begin by the end of this year. The 4680 battery offers five times the energy density and 16% longer driving range compared to the existing 2170 battery, and demand from customers is expected to increase as it is applied across various industries.
With the funds raised from the IPO, Sung Woo aims to expand production capacity and diversify its product portfolio. Leveraging its development capabilities, the company plans to enter the prismatic form factor market and expand its customer base for ESS and electric vehicle components. Additionally, by 2026, Sung Woo intends to complete preparations for mass production at its North American facility and acquire new global cell manufacturers as clients, securing new growth drivers.
Sung Woo is offering 3 million shares in this IPO, with a total offering amount of 96 billion won and an estimated market capitalization of 481.5 billion won post-listing.
Corporate Logo(source: e-sungwoo.co.kr)
Sung Woo, a global manufacturer of safety components for secondary batteries, is conducting its public offering subscription for retail investors over two days, from the 21st to the 22nd.
According to the financial investment industry on the 21st, Sung Woo's public subscription for retail investors is being held on the 21st and 22nd, with the final offering price set at 32,000 won. The company is scheduled to be listed on the KOSDAQ market on October 31, with Korea Investment & Securities serving as the lead underwriter.
Founded in 1992, Sung Woo initially focused on the manufacturing and sale of electronic gun components for cathode-ray tube(CRT) TVs. Since 2008, the company has diversified its product lineup, now primarily engaged in the manufacturing and sale of secondary battery components. With decades of experience in the press business, Sung Woo produces components for secondary batteries, as well as parts for electric vehicles and energy storage systems(ESS).
Sung Woo’s flagship product is the "Topcap Ass’y," a key safety component designed to reduce the risk of fire in secondary batteries. Since 2016, the company has supplied this component, developed exclusively for LG Energy Solution(373220), to a global IT giant, A, for use in its wireless earphones' ultra-small batteries. Sung Woo has supplied components for approximately 200 million sets of these wireless earphones.
In addition, since 2018, Sung Woo has been supplying its self-developed Topcap Ass’y for electric vehicles through LG Energy Solution to a global electric vehicle company, T. To date, Sung Woo has supplied enough Topcap Ass’y for 400,000 electric vehicles. While competitors may emerge, Sung Woo believes its technological and production capabilities give it a competitive edge.
Sung Woo has achieved significant growth in recent years, with consolidated sales increasing from 80.9 billion won in 2021 to 146.7 billion won in 2023. For the first half of this year, sales reached 70 billion won. Operating profit also rose from 6.7 billion won in 2021 to 28.9 billion won in 2023, strengthening profitability. In the first half of 2023, despite challenges in the electric vehicle market, Sung Woo achieved an operating profit of 10.3 billion won.
Earlier this month, Sung Woo conducted a demand forecast for domestic and international institutional investors from October 10 to 16. The offering saw participation from 2,327 institutions, resulting in a subscription rate of 516 to 1. Approximately 98.5% of the participating institutions offered prices above the upper limit of the proposed price range(25,000 to 29,000 won), with bids at 32,000 won or higher.
Sung Woo plans to enhance profitability by supplying additional components such as anode and cathode current collectors, alongside Topcap Ass’y, for LG Energy Solution's 4680 battery production, which is set to begin by the end of this year. The 4680 battery offers five times the energy density and 16% longer driving range compared to the existing 2170 battery, and demand from customers is expected to increase as it is applied across various industries.
With the funds raised from the IPO, Sung Woo aims to expand production capacity and diversify its product portfolio. Leveraging its development capabilities, the company plans to enter the prismatic form factor market and expand its customer base for ESS and electric vehicle components. Additionally, by 2026, Sung Woo intends to complete preparations for mass production at its North American facility and acquire new global cell manufacturers as clients, securing new growth drivers.
Sung Woo is offering 3 million shares in this IPO, with a total offering amount of 96 billion won and an estimated market capitalization of 481.5 billion won post-listing.