GI Tech, General Subscription on 12-13... Public Offering Price Set at 14,000 Won

[Asia Economy Reporter Hyungsoo Park] GI Tech, a core product manufacturer of electrode processes for secondary batteries and hydrogen batteries, will accept subscriptions from general investors from the 12th to the 13th for listing on the KOSDAQ market. It will be listed on the KOSDAQ market on the 21st. General subscriptions will be conducted through the lead underwriter, Mirae Asset Securities.

According to GI Tech on the 11th, as a result of demand forecasting conducted for domestic and foreign institutional investors over two days from the 5th to the 6th, the final public offering price was set at 14,000 KRW.

A total of 1,756 domestic and foreign institutions participated in the demand forecast. The simple competition rate was 2,068 to 1, with a total public offering amount of 37.8 billion KRW and a market capitalization based on the public offering price of 110.1 billion KRW. Among the participating institutions, 88.7% offered prices exceeding the top price of the public offering price band of 13,100 KRW. The proportion of lock-up commitments among the total application volume was 25.3%.

A representative from Mirae Asset Securities, which underwrote the listing, explained, "Most institutional investors regarded GI Tech as a company growing alongside the secondary battery and hydrogen battery industries, which are attracting attention due to eco-friendly policies," adding, "It seems they highly evaluated the company’s ability to maintain steady growth following the expansion of the secondary battery and hydrogen battery markets based on its original technology."

Established in 1990, GI Tech has design technology and product manufacturing technology based on its own patents. It produces slot dies, essential products for the coating process in secondary battery and hydrogen battery manufacturing, and slit nozzles, key products for PR (photoresist) coating in display production processes. Based on ultra-precision polishing technology, it also operates the only repair business in Korea. Recognized for its technological capabilities, it has secured secondary battery and display customers such as SK Innovation, LG Energy Solution, Northvolt, and Samsung Display.

GI Tech plans to use the funds secured through this public offering for ▲ research and development facility investment ▲ relocation to Cheonan BIT Industrial Complex ▲ recruitment of excellent personnel ▲ establishment of overseas branches.

Lee In-young, CEO of GI Tech, said, "We will use the listing as a stepping stone to become a company that meets investor expectations through continuous technology development and innovation."