The chemical industrial equipment specialist Hantech, which is pushing for a KOSDAQ listing, set the public offering price at 10,800 won.
According to the financial investment industry on the 5th, Hantech conducted a demand forecast for institutional investors from the 24th to the 28th of last month, and announced that it confirmed the public offering price at 10,800 won, the upper limit of the desired range (9,200-10,800 won).
A total of 2,451 institutions participated in the recruitment of 2,481,750 shares, which is 75% of the total public offering quantity, and it was reported that a total of 2,361,445,000 shares were requested. The competition ratio recorded was 951.52 to 1.
In particular, 99.96% of the participating institutions in the demand forecast (including 0.73% not presenting prices) submitted prices above the upper limit of the desired range.
Hantech started as a division of manufacturing equipment for Korea Fertilizer in 1973. After being acquired by Foosung Group in 2011, Foosung held 100% equity prior to the listing.
Hantech specializes in the design and manufacturing of heat exchangers and reactors for liquefied natural gas (LNG) power plants and recorded 178.6 billion won in sales in 2023. Operating profit and net profit were 15.1 billion won and 14.8 billion won, respectively.
With the confirmation of the public offering price, Hantech was able to raise 35.7 billion won in this listing. The funds raised are expected to be used for the expansion of new businesses in the tank division, including the development of spent nuclear fuel storage containers and liquefied carbon dioxide storage containers.
Hantech CEO Park Geon-jong noted, "It seems that the technology Hantech possesses has been positively evaluated in the market," and added, "We ask for a lot of interest from investors in the general public subscription as well."
Meanwhile, Hantech will conduct a general subscription over two days on the 6th and 7th, with a scheduled KOSDAQ listing on the 20th. The listing lead manager is DAISHIN SECURITIES.