This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:04 p.m. on Feb. 6, 2026.
WINIX, a home appliance company known for its "small dryer," is moving to raise funds using treasury shares. The goal is to secure working capital for product manufacturing operations, and it is seen as a response to a weakened financial structure caused by funding support for a low-cost carrier (LCC) acquired in 2024.
According to the investment banking (IB) industry on the 6th, WINIX recently decided to issue a private exchangeable bond (EB) backed by treasury shares and has begun a book-building process targeting domestic institutional investors such as asset management companies. BNK Investment & Securities is understood to be the lead arranger.
The issuance size is expected to be about 10 billion won. Although detailed terms have not been finalized, the company set all of its approximately 2.06 million treasury shares as the exchange underlying. It also initially proposed a 0% coupon rate. Based on equity, the stake is 11.55%.
WINIX previously issued a treasury share–backed EB in 2022. At the time, it set the exchange price at 20,174 won per share and raised a total of 27 billion won. However, as the stock price later fell, bondholders exercised put options for early redemption, and the shares were re-acquired as treasury stock.
WINIX plans to use the EB proceeds as working capital for manufacturing products such as dryers and air purifiers. The company's continued funding support after acquiring Fly Gangwon (now Parata Airlines), which was under rehabilitation in 2024, has weakened its financial structure.
In fact, WINIX posted a consolidated operating loss of 21.7 billion won through the third quarter of last year, swinging to a loss. While results in its core electronics business improved thanks to product lineup expansion, increased costs such as the introduction of new passenger aircraft at Fly Gangwon led to losses.
WINIX spent 20 billion won just to acquire Fly Gangwon. Since then, it has provided more than 70 billion won in support in the form of loans. In addition, WINIX's loans were converted to equity in November last year, with the full amount used as payment for new shares in Fly Gangwon's paid-in capital increase.
The government and ruling party's push to amend the Commercial Act centered on a "mandatory cancellation of treasury shares" also appears to have influenced WINIX's move to issue the EB. Issuing a treasury share–backed EB can secure funding while avoiding the cancellation of treasury shares.
Meanwhile, a WINIX official said, "It is true that we are seeking to raise working capital for manufacturing products such as dehumidifiers and air purifiers," adding, "A treasury share–backed EB is only one of several options under review at the moment, and nothing has been decided yet."