This article was published on the ChosunBiz MoneyMove (MM) site at 3:36 p.m. Oct. 20, 2025.
Doosan is launching financing using a price return swap (PRS) backed by shares of its subsidiary Doosan Robotics.
On Oct. 20, people in the investment banking (IB) industry said Doosan is pursuing a PRS of about 500 billion won at the low end to as much as 700–800 billion won using Doosan Robotics shares as collateral. Multiple large securities firms are expected to participate, and they are known to be coordinating terms such as the amount.
A PRS is a derivative in which a firm exchanges gains and losses tied to the price movement of shares it holds with a financial company. It raises cash by exchanging only the profits and losses from stock price movements without transferring actual ownership of the held shares. Earlier, SK On and LG CHEM raised funds in the trillion-won range through PRS.
Doosan currently holds about 68% of Doosan Robotics. Based on current market value, that is about 3.25 trillion won. 700–800 billion won corresponds to about 14–16% of Doosan Robotics' equity.
So far this year, domestic conglomerates have repeatedly raised large sums through PRS. They can attract investment without selling shares they hold, and because it is generally recorded as capital rather than liability for accounting purposes, the financial burden is lower.
However, there is disagreement over the "capital" nature of PRS. Large accounting firms have asked the Korea Accounting Standards Board to determine the accounting treatment direction for PRS and have submitted inquiries on the matter.