[IPO] TMC "Pursuing True Domestic Production of Semiconductor Specialty Gases"

[Asia Economy Reporter Jang Hyowon] Semiconductor specialty gas company TIEMC is knocking on the door of KOSDAQ. TIEMC plans to expand its product lineup and enter the waste gas recycling business after listing.

On the 3rd, CEO Yoo Wonyang of TIEMC held a press conference in Yeouido, Seoul, to introduce the company for the KOSDAQ listing.

TIEMC develops various specialty gases used in core semiconductor processes with its own technology and supplies them to leading semiconductor companies domestically and internationally. It is evaluated as having successfully replaced rare gases, which were previously 100% imported, by fully domesticating them with Korean technology.

They mass-produce a variety of specialty gases ranging from excimer laser gas and rare gases such as xenon (Xe) and krypton (Kr), to CF series for etching processes, carbon monoxide (CO), carbonyl sulfide (COS), and even mixed gases like B2H6 (diborane) used in deposition processes.

Excimer laser gas, which accounts for about 30% of TIEMC’s product sales and holds the largest share, is a mixed gas mainly used in semiconductor photolithography processes and is made primarily from neon (Ne). TIEMC developed its own facilities to separate and purify neon and helium, domesticating high-purity neon at 99.9999%. Various mixed gases and rare gases used in multiple core semiconductor processes such as exposure, etching, ion implantation, deposition, and diffusion make up the rest of the sales.

TIEMC’s major customers are global semiconductor and display companies. Based on technology certified by major semiconductor chipmakers including domestic and international conglomerates, the company has secured partnership references.

Since its establishment in 2015, TIEMC has continuously succeeded in domesticating various specialty gases and has achieved an average annual growth rate of 73.8% until 2021. Last year, it secured new customers and recorded sales of 234 billion KRW as of the third quarter amid a global surge in rare gas prices.

After listing, TIEMC plans to focus on diborane (B2H6), an essential semiconductor material, deuterium (D2) used in heat treatment processes, and COS products, whose demand has recently increased due to their use in etching processes. The company also plans to actively promote new businesses such as the “waste gas recycling business,” which collects, purifies, and resupplies used rare gases.

Part of the public offering funds will be invested in facilities. Currently, centered on its headquarters in Boeun, Chungbuk, the company is preparing to operate infrastructure for different purposes across a total of five sites. The third factory was completed in 2021, and the fourth factory, which began construction last year, is expected to be completed this year. At the same time, starting this year, TIEMC plans to directly enter overseas branches in China, the United States, and other countries to better respond to domestic and international customer demands and strengthen its sales capabilities.

CEO Yoo Wonyang emphasized, “Our goal is to ultimately reduce overseas dependence through ‘genuine localization’ in all processes. To this end, the company has led the way in securing items through swift, proactive investment.”

Meanwhile, TIEMC plans to offer a total of 2.2 million shares, with the public offering price to be confirmed through demand forecasting on the 4th and 5th, followed by a general subscription on the 10th and 11th. The expected market capitalization after listing is approximately 353.7 billion to 420.1 billion KRW. The circulating shares after listing will be 28.43%. The lead underwriter is Hanwha Investment & Securities.