Woojin Entec, Public Offering Price 5,300 Won... "Exceeds Upper Limit"

Woojinentek, a specialized company in maintenance of instrumentation and control equipment for nuclear power plants, announced on the 15th that it has set the public offering price at 5,300 KRW, exceeding the upper limit of the expected price band, based on the demand forecast results for institutional investors.

A total of 2,049 institutions participated in the demand forecast for institutional investors conducted over five days from January 8. It recorded a high competition rate of 1,263.32 to 1. 100% of the institutions that submitted prices (a total of 2,026 cases) offered prices at or above the upper limit of the public offering price band (4,300 to 4,900 KRW).

A representative from KB Securities, the lead underwriter, explained, “Woojinentek appears to have been recognized by investors for presenting reasonable targets based on a stable financial structure, handling the entire cycle of nuclear power plant maintenance, and specifically preparing for the decommissioning market.”

Woojinentek focuses on maintenance business essential for nuclear power plant operation and provides instrumentation and control equipment maintenance services and commissioning construction at 10 nuclear and thermal power plants nationwide. In 2022, it recorded sales of 37.4 billion KRW and operating profit of 5.7 billion KRW (operating profit margin of 15.2%). As of the third quarter of last year, it holds an order backlog of over 47.8 billion KRW. The company aims to steadily increase sales and profit margins by expanding orders amid the recovery of the nuclear power ecosystem.

Through government national projects, Woojinentek has developed technology related to radiation measurement and monitoring systems and is actively preparing for the arrival of the global nuclear power plant decommissioning market. Additionally, it is developing core component localization by producing equipment such as the auxiliary feedwater system control panel for nuclear power plants and G-CAM, a radiation imaging technology device.

Shin Sang-yeon, CEO of Woojinentek, emphasized, “We thank the institutional investors who participated in the demand forecast. Woojinentek will become a company that leads and grows the nuclear power ecosystem based on the best technological capabilities.”

Woojinentek is offering a total of 2.06 million shares with KB Securities as the lead underwriter. After conducting subscription for general investors on January 16 and 17, it plans to be listed on the 24th.