We will monopolize demand for electric vehicle charging by leveraging our overwhelming market share.
Chief Executive Choi Young-hoon of CHAEVI attended an initial public offering (IPO) press briefing on the 14th at Fairmont Ambassador Seoul in Yeouido, saying, The fast-charging infrastructure business is the only area within the electric vehicle value chain where a significant profit leverage effect can be realized.
Choi emphasized, CHAEVI is the only value-chain corporation in Korea that handles the entire charging industry, from the development and manufacturing of electric vehicle chargers to installation, operation and after-sales service, adding, We directly own and operate about 6,000 fast-charging bays, a scale that ranks second globally.
CHAEVI, Korea's No. 1 operator of electric vehicle fast-charging infrastructure, is on the verge of entering the KOSDAQ market. After filing for a preliminary review for listing with the Korea Exchange (KRX) in July last year and undergoing about seven months of screening and three amendments to its securities registration statement, the company began book-building for institutional investors on the 10th.
By using the listing under the profit-unrealized exception (the Tesla requirement), which grants listing opportunities to companies with high growth prospects even if they are in the red, the company proposed a post-listing valuation of 730 billion won. It plans to list a total of 47,695,280 shares by issuing 10 million new shares, with an indicative price range of 12,300 to 15,300 won.
Choi said the valuation is not expensive. The chasm (demand stagnation) in the domestic electric vehicle market is over, he said, adding, With the government maintaining subsidies and introducing new incentives to accelerate the transition to electric vehicles, CHAEVI's growth will pick up even more.
CHAEVI's key asset is the scale of its infrastructure. As of the end of last year, CHAEVI operated 5,910 fast-charging bays, accounting for more than about 11% of the total number of fast-charging bays in Korea (50,447). In particular, at the early stage of market formation, the company primarily secured public sites with good accessibility and low rent.
Choi said, CHAEVI has secured about 71% of its total sites as public land with no rent burden, achieving a contribution margin more than 50% higher than other CPOs, adding, From the moment electric vehicle penetration surpasses a certain level, revenue can improve steeply.
He added, We expect to turn to profit on an earnings before interest, taxes, depreciation and amortization (EBITDA) basis in the fourth quarter of this year, and emphasized, As rising electric vehicle sales confirm a sharp increase in charging demand amid a shortage of new infrastructure supply, the timing of turning profitable could move up.
CHAEVI has posted losses since its founding in 2016. Revenue grew from 53.7 billion won in 2022 to 101.7 billion won in 2025, but operating loss widened from 13.9 billion won to 29.6 billion won over the same period. The operating margin did not improve, moving from -25.9% in 2022 to -29.1% in 2025.
CHAEVI plans to accelerate its global expansion while also pushing to leap into an energy platform business. It has immediately begun operating converged charging stations combined with solar power generation in partnership with Korea Electric Power Corporation. The goal is to build a V2G platform to create a bidirectional energy transaction structure.
During three amendments to its securities registration statement, CHAEVI lowered its performance outlook but maintained a post-listing valuation of 730 billion won. Specifically, its 2028 EBITDA estimate fell by more than 10% from the initial securities filing, but it maintained the listing valuation by reducing the discount rate.
Choi said, Electric vehicle charging infrastructure is shifting from simple facility build-outs to an infrastructure business where operational efficiency and profitability are the core competitive edges, adding, Going forward, we will transform into a platform operator that integrates energy management and generates cumulative revenue.
Meanwhile, after completing book-building for institutional investors on the 16th, CHAEVI will set the offer price and take subscriptions from retail investors from the 20th to the 21st. If all goes as planned, it will list on the 30th. The lead underwriters are KB Securities and Samsung Securities, and the co-managers are Daishin Securities and Hana Securities.