Thu. Sep 28th, 2023
    Doosan Robotics Announces Public Offering

    Doosan Robotics, a leading robotics company, has announced its upcoming public offering, targeting institutional investors. The shares will be priced between KRW 21,000 and KRW 26,000 per share, potentially resulting in a market capitalization of approximately KRW 1.69 trillion ($1.3 billion) if priced at the upper end. Retail investors will also have an opportunity to participate in the offering later this week.

    The announcement of the listing has already had a positive impact on the parent company, Doosan Corp, with share prices increasing by 11% in the eight trading days leading up to Tuesday. This surge reflects market expectations that the successful listing of Doosan Robotics will enhance the valuation of Doosan Corp.

    Following the public offering, Doosan Corp’s stake in Doosan Robotics will be reduced from 91% to around 68%. This move aims to attract new investors and increase the liquidity of Doosan Robotics shares.

    Although Doosan Robotics reported a revenue of KRW 45 billion and an operating loss of KRW 13.2 billion last year, CEO William Ryu remains optimistic about the company’s future. He anticipates that the company will reach its break-even point by 2024.

    The proceeds from the public offering will be used to expand production facilities and diversify the product portfolio. This strategic investment underscores Doosan Robotics’ commitment to growth and innovation within the robotics industry.

    – The original article was generated with the support of AI and reviewed by an editor.