Doosan Robotics Inc., a subsidiary of Doosan Co., made a remarkable entry into the market with its initial public offering (IPO) on Thursday. The South Korean firm, known for manufacturing robotic arms, saw its stock value more than double during initial trading, rising to 67,600 won. The company successfully raised 421 billion won ($309 million) via the IPO, making it South Korea's top IPO this year.
The company's impressive debut indicates a growing interest and investment in the robotics sector from major players such as Samsung Electronics (KS:005930) Co., Rainbow Robotics, and clients like Hyundai Motor (OTC:HYMTF) Co. and LG Electronics Inc. South Korea, a global leader in industrial robot adoption, is witnessing an increasing emphasis on tech-centric sectors.
Established in 2015, Doosan Robotics' IPO led to a market capitalization near KRW4 trillion ($2.96 billion), despite recording an operating loss of KRW13.2 billion on revenues of KRW44.9 billion in 2022. The offering was oversubscribed, reflecting strong investor confidence in the company's future prospects.
Ryu Junghoon, CEO of Doosan Robotics, anticipates the company turning profitable by 2024. The IPO was managed by Mirae Asset Securities Co. and Korea Investment & Securities Co., further solidifying the company's standing in the market.
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