[Featured Stock] Lumir, World's Best Technology Valued at 26,000 by Underwriters... From Ugly Duckling to Swan Transformation

Lumir, newly listed on the KOSDAQ market, is rising compared to its IPO price. It appears that buying demand surged on the first day of listing as the IPO price was set at a market-friendly level. Due to institutional investors' lack of interest during the demand forecast, the IPO price was finalized at 12,000 KRW, below the expected range of 16,500 to 20,500 KRW.

CEO Nam Myung-yong stated, "Lumir possesses the world's best technology and price competitiveness through its space industry heritage and self-developed technology," adding, "Based on space development technology, we hold the number one market share in the earth observation market and will achieve explosive sales growth by expanding into defense industry and communication satellites."

As of 9:41 AM on the 21st, Lumir is trading at 17,560 KRW, up 46.33% from the IPO price.

Founded in 2009, Lumir is a specialized company in developing earth observation radar sensor (SAR) satellites. It has independently developed the 0.3m ultra-high-resolution SAR satellite ‘LumirX’ and is engaged in providing earth observation data and imaging services. The SAR satellites Lumir is developing have the advantage of night observation capability and the ability to penetrate clouds and rain.

Lumir’s satellite development technology has already been recognized through numerous national space project contracts. Having participated in all from the first to the fifth of the next-generation medium-sized satellite series, which can be considered the nation’s flagship satellite series, Lumir secured its position as a satellite development company by winning the entire contract for the mission payload C-band imaging radar on the fifth next-generation medium-sized satellite. Additionally, with the successful launch of Lumir-T1 onboard the third Nuri rocket, Lumir has achieved the highest technology readiness level (TRL-9) suitable for commercialization in both old space and new space sectors.

Jeong Ji-soo, a researcher at Meritz Securities, explained, "Leveraging competitiveness in satellite manufacturing, Lumir supplies key components and systems for the third and fifth next-generation medium-sized satellites," adding, "It is increasing its chances of winning contracts for various national projects such as multipurpose practical satellites, lunar exploration satellites, and orbital technology demonstration satellites promoted by the government." He further noted, "To secure leadership in the SAR satellite service market, which is supplier-dominant due to high technological entry barriers, Lumir plans to build a constellation system of 18 ultra-high-resolution ultra-small SAR satellites."

Based on space technology, Lumir has succeeded in developing solenoids for ships and has entered the civilian industry. Solenoids are products used in active fuel control valves of large ship engines. According to Lumir, its solenoids have obtained both domestic and U.S. patents and are the world's first and only to receive explosion-proof certification.

The lead underwriter valued Lumir’s stock at 26,068 KRW per share. This valuation considered an estimated net profit of 26.6 billion KRW in 2026 and an average price-to-earnings ratio (PER) of 28.35 times for comparable companies. Applying a discount rate of 21.36% to 36.70%, the IPO price range was proposed at 16,500 to 20,500 KRW.