Listed on KOSDAQ at an IPO price of 34,000 KRW
CEO Kim Young-hoon: "Will be a 'Game Changer' to Shift the Overseas Market Landscape"
Film-type Thin-film Antenna, Cost Reduction and Eco-friendly Advantages... Expected to Grow More Than Twice This Year
[Asia Economy Reporter Hyungsoo Park] ICH is trading below its public offering price on its first day on the KOSDAQ.
As of 10:47 a.m. on the 29th, ICH is trading at 31,650 KRW, up 3.43% from the opening price.
The opening price was set at 30,600 KRW, 10% lower than the public offering price of 34,000 KRW.
Founded in 2012, ICH has developed eco-friendly film-type thin antennas, adhesive tapes for information and communication (IT) devices, and electromagnetic shielding gaskets. It manufactures materials and components used in IT devices. Samsung Electronics and Samsung Display are its main clients.
The film-type thin antenna (MFA) is a product that ICH independently developed for the first time in the world, successfully commercializing it by applying an eco-friendly room-temperature press process. MFA is embedded in IT devices such as smartphones, tablet PCs, and wearable devices, serving as a core circuit material used for various information transmissions including call transmission and reception, Wi-Fi, Bluetooth, and Global Positioning System (GPS). As demand increased due to the miniaturization and multifunctionality of IT devices, MFA achieved sales of 23.3 billion KRW from a single product last year, just two years after its launch in 2020.
Researcher Kyung Choi from Heungkuk Securities said, "The paradigm is shifting from the first-generation external type, through the second-generation embedded types (FPCB, LDS, etc.), to ICH’s third-generation film-type thin antenna (MFA)." He analyzed, "The production competitiveness through the independently developed innovative eco-friendly process is leading recent trends of increased interest and responsibility in ESG, resulting in high profitability."
ICH’s ‘eco-friendly room-temperature press patterning process technology’ simplified the existing 19-step flexible (bendable) antenna manufacturing process to 9 steps. It is characterized by implementing precise antenna circuits solely through a press method at room temperature without applying heat.
Younghoon Kim, CEO of ICH, held a press conference before the listing and confidently stated, "Through continuous R&D and business diversification, we will become a ‘game changer’ that changes the market landscape by leading trends in ICT advanced materials and global materials and components."
He added, "Compared to existing manufacturing methods that generate environmental waste and consume water, our eco-friendly process reduces the existing manufacturing process by more than 50%, simplifying it to shorten production time and secure cost competitiveness."
Processing solely by the press method at room temperature allows for a variety of film layer material selections. It also has the advantage of being expandable to products in the 5th generation (5G) network, electric vehicle electronics, and wearable fields.
Researcher Sehwan Hwang from FS Research said, "Not only has ICH implemented an eco-friendly process with proprietary technology, but it has also secured cost competitiveness." He added, "Film-type antenna sales, which recorded 22.3 billion KRW last year, are expected to grow more than twice to 46 billion KRW this year." He also expected the market share within Samsung Electronics to expand up to 60%.
He continued, "The gasket’s competitiveness lies in its thin-film strength and shock absorption function," adding, "Since shocks frequently occur in automobiles, demand for ICH’s gaskets may increase."
Researcher Yugeon Han from KB Securities analyzed, "ICH is an IT game changer with expected stable growth," and noted, "The company is expanding its business areas from the existing IT device sector to network equipment, display, and automotive electronics fields." He also emphasized, "The room-temperature press patterning process can be expanded to various circuit products without processes such as exposure and etching," and "It is more than 50% cheaper than the existing FPCB process, providing price competitiveness." As a risk factor, he pointed out that MFA-applied products, which account for the largest sales proportion, are limited to Samsung Electronics’ smart devices.
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