This article was published on Jan. 15, 2025, at 1:25 p.m. on the CHOSUNBIZ MoneyMove site.
GFIA, which manufactures microcapsule fire extinguishers, is pushing for an initial public offering (IPO). The company plans to seek listing on the KOSDAQ market as early as the second half of this year.
On the 15th, according to investment banking (IB) industry sources, GFIA has recently signed a sponsorship contract with Daishin Securities for its KOSDAQ listing. The company is also preparing to raise 16 billion won in pre-IPO funding from Shinhan Investment Corp., NH Investment & Securities, KB Securities, IBK Industrial Bank, IBK Capital, and Shinhan Capital.
Founded in 2014, GFIA produces microcapsule fire extinguishers composed of numerous small capsules. Although they appear like sand, these tiny particles, measuring 100 to 300 micrometers (1 millionth of a meter), contain extinguishing agents. When these capsules encounter fire, they react immediately and burst, causing the extinguishing agent inside to vaporize and extinguish the fire.
Microcapsule fire extinguishers are easy to install and automatically react to specific temperatures without requiring additional power. This makes it easier to extinguish initial fires that occur in blind spots where installing fire prevention equipment is challenging, according to the company.
GFIA is creating a variety of firefighting products utilizing microcapsule fire extinguishers. These include automatic extinguishing power strips, automatic extinguishing pads, films, wires, tapes, covers, and sealants. The company holds over 20 related patents and possesses technology to inject microcapsule extinguishers into secondary battery modules to prevent battery fires.
GFIA is reportedly looking to enter the KOSDAQ market with a valuation exceeding 100 billion won. The company's revenues for 2022 and 2023 were recorded at 16.8 billion won and 18 billion won, respectively. Its operating profits were 3.3 billion won and 2.9 billion won.
As of 2023, CEO Lee Sang-seop holds 55% of the total equity. Additionally, CMi, a wall recording specialist, holds 21.79%, while treasury stock and others account for 3.81% and 19.29%, respectively. The other category is estimated to consist of funds from financial investors (FI) such as venture capital (VC).