Jeonjin Construction Robot Confirms IPO Price at 16,500 Won... Exceeds Upper Limit of Expected Range

Jeonjin Construction Robot, a specialized company in concrete pump trucks, has set its public offering price at 16,500 KRW.

Jeonjin Construction Robot announced on the 7th that after conducting a demand forecast for institutional investors from the 30th of last month to the 5th, the public offering price was finalized at 16,500 KRW, exceeding the upper limit of the expected price range (13,800 to 15,700 KRW).

A total of 2,047 domestic and international institutions participated, recording a competition rate of 870.16 to 1. Based on the public offering price, the total offering amount is 50.7 billion KRW, and the market capitalization is 253.4 billion KRW. Among the institutions participating in the demand forecast, 99.8% offered prices at or above the upper limit of the public offering band based on the volume of shares they applied for.

A representative from Mirae Asset Securities, the lead manager of the listing, said, "Despite the unfavorable domestic stock market conditions on the last day of the demand forecast, the majority of institutional investors actively participated, trusting Jeonjin Construction Robot’s stable financial performance and growth potential." They added, "For overseas investors, more than 96.3% of the applied volume offered prices exceeding the upper limit of the public offering price."

Founded in 1999, Jeonjin Construction Robot is the largest domestic manufacturer of concrete pump trucks (CPC). CPC is essential construction equipment that delivers concrete mix at high pressure when building high-rise buildings, nuclear power plants, bridges, factories, and more. Jeonjin Construction Robot exports over 70% of its domestic production to 34 bases in 65 countries overseas. As of 2023, it holds the number one market share domestically and the second largest market share in North America.

Jeonjin Construction Robot plans to invest the public offering funds in scaling up and automating production facilities to expand concrete pump truck manufacturing capacity. Additionally, the funds will be used for new businesses such as ▲developing eco-friendly hybrid models and ▲developing smart robot CPCs.

CEO Koh Hyun-guk of Jeonjin Construction Robot stated, "After listing, we will strengthen our core competitiveness and diversify our business through product advancement, expansion of production bases, and development of future growth engines, aiming to become the 'Global Number One' total solution provider for concrete pump trucks."

Jeonjin Construction Robot will conduct subscription for general investors over two days from the 8th to the 9th and will be listed on the KOSPI market on the 19th.