HD Hyundai Robotics has selected underwriters for its initial public offering (IPO).
On the 12th, according to the investment banking (IB) industry, HD Hyundai Robotics chose UBS, Korea Investment & Securities Co., and KB Securities as joint lead managers.
HD Hyundai Robotics is HD Hyundai's robotics affiliate, with industrial robots and automation solutions as its core business. In May 2020, HD Hyundai carried out a physical split, citing independent management of the robotics business as the rationale. HD Hyundai currently holds an 80% equity stake in HD Hyundai Robotics.
HD Hyundai Robotics has maintained the No. 1 position in sales in the domestic manufacturing robot market for more than 40 years. As of the end of last year, sales were about 215 billion won and operating profit was 268 million won. This year, it plans to release shipyard site–tailored robot automation technology sometime next year.
In Oct. last year, when receiving investment from Korea Development Bank and KY PE, HD Hyundai Robotics was valued at about 1.8 trillion won. HD Hyundai Robotics plans to use the funds raised through the listing to expand the group's robotics and artificial intelligence (AI) manufacturing infrastructure.