This article was published on Aug. 5, 2025, at 6:11 a.m. on the ChosunBiz MoneyMove site.
Attention is focused on whether Chaebi can complete its listing challenge as the first electric vehicle fast-charging infrastructure (CPO) company. The listing direction shifted from KOSPI unicorn special listing to KOSDAQ's special listing for unearned income, raising questions about the possibility of realizing the corporate value in the trillion-won range for a loss-making company.
According to the financial investment industry on the 5th, Chaebi, a manufacturer and operator of electric vehicle chargers, filed for preliminary review for listing on the KOSDAQ with the Korea Exchange on the 21st of last month, officially kicking off its listing challenge. KB Securities and Samsung Securities serve as the lead underwriters, while Daishin Securities and Hana Securities are listed as joint underwriters.
Initially, Chaebi aimed for a corporate value in the trillion-won range to list on the securities market. Although the plan was to utilize the 'unicorn special listing' that allows loss-making companies to enter KOSPI if their market cap exceeds 1 trillion won, it shifted direction to KOSDAQ during preliminary discussions with the Korea Exchange.
A source in the securities industry noted, "We aimed for a KOSPI listing using the 1 trillion won market cap requirement, but I understand the exchange expressed a negative stance on the listing of loss-making companies in the trillion-won range," adding that "the pressure to withdraw if demand forecasts fall short and the market cap fails to reach 1 trillion won could also be a burden."
Chaebi has established a unique position as a comprehensive CPO operator that manufactures, installs, and operates electric vehicle chargers. It has secured more than half of the government's public fast-charging demand, making it the leading player in the private electric vehicle charging market. Last year's revenue was 85.1 billion won, a 20.9% increase compared to the previous year's revenue of 70.4 billion won.
The issue lies in profitability. Chaebi has recorded operating losses for three consecutive years, and recently, the scale of its losses has actually increased. Operating losses rose from 13.9 billion won in 2022 to 26.3 billion won in 2023. Last year, the operating loss amounted to 27.6 billion won. The net loss for the year was recorded at 54.5 billion won.
Market attention is focused on how underwriters such as KB Securities and Samsung Securities will design the corporate value in the trillion-won range. While the exchange has lowered the bar, the expected valuation by Chaebi remains in the trillion-won range.
The so-called 'Tesla criteria', which refers to the special listing for unearned income, is a system that allows the exchange to open the listing door based on growth potential. Companies can list despite losses if they meet criteria such as a revenue growth rate of over 20% in the last two years or satisfy conditions like 'market capitalization of 30 billion won and revenue above 10 billion won' or 'market capitalization above 100 billion won.'
Chaebi's goal of achieving trillion-won corporate value is reportedly tied to the need for financial investors (FIs) to recoup their investment. When it received an investment of 120 billion won from STIC Investments and KB Asset Management in 2023, it was already recognized with a corporate value of 460 billion won; thus, it needs to be valued above a certain level.
The underwriters are reportedly prioritizing the price-to-sales ratio (PSR). Assuming next year's revenue is estimated to exceed 100 billion won based on recent revenue growth rates, a PSR of 10 times would allow for a corporate value calculation of 1 trillion won. ChargePoint, the top CPO company in the U.S., was valued at a PSR of 18 times upon listing on the New York Stock Exchange.
Investor indifference toward the PSR is seen as a burden. Since it reflects only growth and not profitability, it has become a high-evaluation manufacturing tool. In fact, companies like Gridwiz, Day 1 Company, and TXR Robotics that used PSR for their pre-listing evaluations have all seen their stock prices fall below the public offering price after listing.
While the underwriters have indicated that a price-to-earnings ratio (PER) method is also quite feasible, some speculate that the listing itself could be challenging. It is possible to draw current estimates of net income for the timing of turning profitable, but the likelihood of falling short of the target corporate value of 1 trillion won is significant.
A source in the securities industry stated, "If the valuation comes out too low, even if the company pushes for a listing, it is much more likely that FIs will oppose it," adding that "from the perspective of FIs that invested at a corporate value of 460 billion won, if a valuation above the target level is not secured, there are no actual benefits in terms of exit (recouping investment)."
Meanwhile, it is understood that FIs hold more than 44% equity in Chaebi. In particular, STIC Investments holds a 26.7% stake using 'STIC Special Situation Mobility LLC.' The largest shareholder is CEO Jeong Min-kyo, who held a 38.7% stake as of the end of last year.