Hancom Lifecare Submits Preliminary Review Application for KOSPI Listing

[Asia Economy Reporter Yoo Hyun-seok] Hancom Lifecare, a subsidiary of Hancom Inc. and a leading domestic safety equipment company, announced on the 16th that it has submitted a preliminary review application to the Korea Exchange for listing on the KOSPI. The lead underwriter is Mirae Asset Securities, and the company plans to proceed with the initial public offering (IPO) process aiming for a listing in the second half of this year.

Established in 1971, Hancom Lifecare is the number one specialized personal safety equipment company in Korea, supplying various safety equipment and products such as self-contained breathing apparatus, gas masks, heat-resistant clothing, fire-resistant clothing, chemical protective suits, quarantine suits, and industrial and health masks.

Hancom Lifecare was the first in Korea to successfully develop an independent self-contained breathing apparatus, ushering in the era of domestic production of safety products. Based on 50 years of accumulated technology, it supplies products to fire departments and public institutions, holding a dominant 93% market share in the domestic self-contained breathing apparatus market. It is also designated as a defense company and has developed and continuously supplies the new military gas mask, the K5 gas mask.

Since being incorporated into the Hancom Group in 2017, Hancom Lifecare has been focusing on developing smart safety equipment by converging various ICT technologies possessed by the group, such as AI (Artificial Intelligence), IoT (Internet of Things), embedded software, and drones. It has introduced a fire safety service platform that links local government CCTV video information and digital twin data from the Korea Land and Geospatial Informatix Corporation. The company plans to evolve this into a smart city disaster safety solution by integrating a fire monitoring system linked with drones.

Hancom Lifecare's consolidated sales in 2020 were 151.8 billion KRW, more than doubling from 66.6 billion KRW in 2019. Operating profit grew nearly 324% compared to 2019, reaching 38.7 billion KRW.

Woo Jun-seok, CEO of Hancom Lifecare, said, “Hancom Lifecare has led the domestic safety equipment market for the past 50 years and has been recognized for the excellence of its products in various fields including military, firefighting, and industrial safety. Through capital raising via listing, we will strengthen our core technological capabilities and diversify our business, aiming to enter the global top 10 in the personal safety equipment sector by 2025.”