Doosan Robotics, a robotics subsidiary of Doosan Corp, is gearing up for a public offering in an effort to attract institutional and retail investors. The company has set a price range of KRW 21,000 to KRW 26,000 per share for institutional investors, which would result in a market capitalization of approximately KRW 1.69 trillion ($1.3 billion) if priced at the higher end of the range.
Market expectations for the successful listing of Doosan Robotics have already had a positive impact on the parent company. In the eight trading days leading up to the announcement, shares in Doosan Corp witnessed an 11% increase. This surge can be attributed to the anticipation that the listing will have a favorable effect on Doosan Corp’s overall valuation.
Once the public offering is complete, Doosan Corp’s stake in Doosan Robotics will be reduced from 91% to around 68%. Despite reporting a revenue of KRW 45 billion and an operating loss of KRW 13.2 billion last year, CEO William Ryu remains optimistic about the future prospects of the company. Ryu expects Doosan Robotics to reach its break-even point by 2024.
The proceeds from the public offering will be allocated towards expanding production facilities and diversifying the company’s product portfolio. This strategic move highlights Doosan Robotics’ commitment to growth and innovation within the robotics industry.
Overall, the upcoming public offering by Doosan Robotics demonstrates the company’s ambition to drive growth and capture opportunities in the thriving robotics sector. By attracting investors and investing in expanding capabilities, Doosan Robotics positions itself for success and ensures its competitive stance in the market.
Sources:
– No specific sources provided.