Korea's No. 1 seaweed maker KwangCheonKim Co. is turning to an initial public offering (IPO) instead of selling its management control.
As of the 16th, according to the investment banking (IB) industry, KwangCheonKim Co. recently chose Samsung Securities as its lead underwriter. The goal is to complete the preliminary listing review filing with the Korea Exchange (KRX) in the first half of next year and debut on KOSDAQ within the year.
KwangCheonKim Co. initially pursued a sale of management control but recently shifted course to an IPO. Since June last year, KwangCheonKim Co. has been weighing a sale of management control versus raising investment after selecting the accounting firm Samil PwC as its advisor.
KwangCheonKim Co. was said to have sought a valuation of 300 billion to 400 billion won. As of 2024, KwangCheonKim Co.'s earnings before amortization were 24.1 billion won. KwangCheonKim Co. maintains that it was seeking to raise investment from the outset, not a sale of management control.
Founded in 1970, KwangCheonKim Co. has maintained a stable position in Korea's seaweed market. It manufactures and sells dried seaweed, seasoned seaweed, seaweed flakes, and frozen kimbap. By revenue, it ranks No. 1 among domestic seaweed manufacturers. KwangCheonKim Co. has vertically integrated the seaweed production value chain from materials and supplies procurement to production and distribution.
The largest shareholder of KwangCheonKim Co. is Chief Executive Kim Jae-yu, the second-generation owner, who held 87.78% equity as of the end of last year. The remainder is split among related parties including founder Kim Bok-man, Kim's father (5.50%), Jeong Ji-hwa (4.74%), and Kwangcheon Dasol Gim (1.98%).