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 by using treasury shares. The goal is to secure operating funds for product production, and the move is seen as stemming from a worsened financial structure due to 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 privately placed exchangeable bond (EB) based on treasury shares and began a book-building process targeting domestic institutional investors such as asset management companies. BNK Investment & Securities is understood to be the lead manager.
The planned issue size is expected to be about 10 billion won. Although the 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. The stake on an equity basis is 11.55%.
WINIX also issued a treasury share-based 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 share price fell afterward, bondholders exercised early redemption rights, and the treasury shares were brought back in.
WINIX plans to use the EB proceeds for operating funds to produce products such as dryers and air purifiers. The company said its financial structure has worsened due to continued financial support following the acquisition in 2024 of Fly Gangwon (now Parata Air), which was under a rehabilitation process.
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 performance in its core electronics business improved thanks to an expanded product lineup, increased costs, including the introduction of new passenger aircraft at Fly Gangwon, led to losses.
WINIX poured 20 billion won just into acquiring Fly Gangwon. It has since provided more than 70 billion won in support in the form of loans. In addition, in November last year, WINIX's loans were fully converted into equity as payment for new shares in Fly Gangwon's rights offering.
The government and ruling party's accelerated push to amend the Commercial Act centered on the "mandatory cancellation of treasury shares" also appears to have influenced WINIX's latest EB plan. A treasury share-based EB allows the company to raise funds while avoiding the cancellation of treasury shares.
Meanwhile, a WINIX official said, "It is true that we are pushing to raise operating funds to produce products such as dehumidifiers and air purifiers," adding, "A treasury share-based EB is only one of several options currently under review, and nothing has been decided yet."