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[Alpha Biz=(Chicago) Reporter Kim Jisun] According to Seoul Economic Daily, Sungwoo, a precision press (sheet metal machine) company that exclusively supplies "Top Cap," a key component of the next-generation secondary battery to LG Energy Solution, is planning to be listed on the KOSDAQ market next year.
Sungwoo, which was recognized for its current corporate value of 200 billion won in pre-IPO (funding before listing) last month, decided to increase it to 400 billion won by the time of listing.
According to the investment banking (IB) industry on the 3rd, Sungwoo recently selected Korea Investment & Securities as its representative organizer and began listing on the KOSDAQ market. After completing all the preliminary work needed for the listing, including a stock split to increase the number of distribution shares and the clearance of shares between the largest shareholder and related parties, Sungwoo plans to request a preliminary review of the listing in the first half of next year to complete the initial public offering (IPO) in the second half of next year. It is strongly considering about 100 billion won in funds to be raised through IPO next year. Sungwoo plans to expand new production lines for next-generation rechargeable battery parts in Gumi, North Gyeongsang Province, China and Europe with funds secured through IPO.
Sungwoo is a precision press processing company established in 1992 and is a net company with sales of 134.9 billion won and operating profit of 19.7 billion won last year. The main customers of the cylindrical rechargeable battery top cap market are LG Ensol, Hyundai Mobis (012330), and POSCO Mobility Solution. The average annual sales growth rate alone exceeds 40% over the five-year period from 2018 to 2022. The company is also engaged in the production of automotive electronics parts, including parts that supply power to electric motor.
The industry predicts that the corporate value may exceed 400 billion won at the time of listing on the KOSDAQ, citing the recent sharp improvement in Sungwoo's management performance. Above all, LG Ensol seems to be paying attention to the fact that Sungwoo will supply top caps to the next-generation secondary battery "4680" model, which is expected to be mass-produced as early as next year. The industry expects Sungwoo's annual sales to reach more than 150 billion won this year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
