Total of 10,893,990 Shares Offered... Maximum Expected Offering Amount of 406.3 Billion KRW
Scheduled to be Listed at the End of Next Month... General Subscription for Public Offering Shares on the 11th-12th of Next Month
Supplied Hydrogen Tanks to Hyundai Motor in 2014... Developing Hydrogen Ships with Samsung Heavy Industries
[Asia Economy Reporter Junhyung Lee] Iljin High Solus, a hydrogen fuel storage solution specialist under Iljin Group, announced on the 9th that it has submitted a securities registration statement to the Financial Services Commission and entered the public offering process for listing on the Korea Composite Stock Price Index (KOSPI).
According to the securities registration statement submitted by Iljin High Solus, the total number of shares offered is 10,893,990. The desired public offering price per share ranges from 30,300 KRW to 37,300 KRW. The maximum expected amount from the offering is 406.3 billion KRW.
The company will conduct demand forecasting targeting domestic and overseas institutional investors from the 3rd to the 4th of next month to determine the public offering price. Based on the demand forecast, general public subscription for shares will be held over two days from the 11th to the 12th of next month. The expected listing date is at the end of next month, with Mirae Asset Securities and Samsung Securities acting as underwriters.
Iljin High Solus is a company that develops and manufactures hydrogen fuel tanks and modules with top-tier hydrogen storage technology in Korea. Previously, the company was the first in the industry to supply hydrogen fuel tanks for the Tucson hydrogen electric vehicle, commercialized successfully by Hyundai Motor Company in 2014. Since then, it has also supplied hydrogen fuel tanks for the fuel cell electric vehicle (FCEV) Nexo and hydrogen buses.
Additionally, the company signed a memorandum of understanding last month with Samsung Heavy Industries for the joint development of hydrogen ships. It has also completed domestic and international market entry by obtaining Type 4 fuel tank certification for hydrogen tube trailers from the Korea Gas Safety Corporation and the International Organization for Standardization.
Hong-sang Ahn, CEO of Iljin High Solus, stated, "Our hydrogen storage device technology is recognized as world-class beyond Korea," adding, "We will have unique competitiveness to support the activation of the hydrogen economy." He further said, "Through this initial public offering (IPO), we will communicate our corporate value to customers and investors," and "Even after listing, we will continue to expand our business through ongoing research and development and new product development to become a leading company in the global hydrogen economy."
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