- Panasia to go public on the Kosdaq market by October.
- By offering 4.5 million new shares, the company aims to raise around $121.6 million.
- Furthermore, the company makes record breaking sales and profits in 2019.
South Korea’s eco-friendly ship components maker Panasia has embarked on its initial public offering (IPO) process to go public on the nation’s secondary Kosdaq market by October, reports Maeil Economy.
Company to offer 4.5 million Common Shares
The company looks to raise around 144 billion won ($121.6 million) to 162 billion won by offering 4.5 million new common shares at a desired price band between 32,000 won and 36,000 won apiece.
Book-building for pricing will run on September 17 to 18, and retail investors will be able to subscribe the shares on Sep.22-23.
Korea Investment & Securities is the lead underwriter.
Eco-Friendly Scrubbers
Founded in 1989, Panasia has been focusing on eco-friendly products like, including ballast water treatment system, that eradicates harmful contaminants in the ballast water and scrubbers that clean exhaust gases.
Sales and Profits in 2019
Sales of Panasia have been on a surge as many ship owners opted to install scrubbers instead of switching greener fuel which is very costly.
The company drew in 71.5 billion won in operating profits in 2019, soaring 1,398.45 percent from 100 million won in the previous year.
Its sales soared 474 percent to 328.5 billion won.
Moreover, during the first six months this year, it posted a 352.64 percent and 148.92 percent on-year climb in operating profit and sales.
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Source: Maeil Economy
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