DN Solutions, a machine tool company seeking to list on the Korea Securities Market, has surpassed the threshold of the Korea Exchange.
The Korea Exchange's Securities Market Headquarters noted on Nov. 11 that it approved DN Solutions' preliminary examination pass during a listing committee meeting. This was 45 business days after the request for the preliminary listing examination was made on Oct. 8.
DN Solutions is the number one company in the domestic machine tool market. It ranks third globally in the metal cutting machine market. Last year, its consolidated revenue was 2.1 trillion won, with operating profit increasing by 20% year-on-year to 436.2 billion won.
Earlier, DN Automotive acquired DN Solutions (formerly Doosan Machine Tools) from MBK Partners for 2.95 trillion won in 2022. At that time, it issued exchange bonds worth 220 billion won targeting Korea Investment Private Equity and KB Investment, with a condition to complete the initial public offering (IPO) within three years. The IPO deadline is January next year.
DN Solutions plans to submit the securities registration statement by the end of this month and to commence the public offering process in January next year. Half of the public offering volume will consist of sales of existing shares. The market estimates the company's value at around 5 trillion to 6 trillion won.
The lead underwriters are Mirae Asset Securities, Samsung Securities, and UBS Securities. Korea Investment & Securities and Bank of America (BofA) are co-underwriters.