Witz, a power transmission solution company, is showing strength compared to its public offering price on its first day of listing. Before the listing, the largest shareholder held 89.63% of the shares, with the remaining shares held by small shareholders. Since there is little concern about overhang beyond the public offering volume, this appears to be influencing the stock price.
As of 9:48 AM on the 20th, Witz is trading at 13,750 KRW, up 114.84% from the public offering price.
From the 28th of last month to the 1st of this month, a five-business-day demand forecast was conducted targeting domestic and foreign institutional investors, recording a competition rate of 997.37 to 1. The public offering price was set at 6,400 KRW, the upper limit of the expected price range of 5,300 to 6,400 KRW.
Witz is a specialized company that develops and supplies core power transmission solutions such as wireless charging modules (power receiver RX) and wireless chargers (power transmitter TX). It was established in 2019 when its parent company, Kemtornics, acquired Samsung Electro-Mechanics' wireless charging business. Along with the business acquisition, about 791 patents related to power transmission were also acquired, giving Witz a unique technological edge in the power transmission field. As a first-tier partner of Samsung Electronics, it supplies wireless charging solutions for mobile and wearable devices and has expanded its business area to the automotive sector based on its proprietary technology.
The largest shareholder is Kemtornics, holding 50.1% of the shares after listing. Including related parties, the largest shareholder group holds 66.49% of the shares.
Amid growing concerns about electric vehicle fires, Witz is jointly developing a wired electric vehicle charger equipped with fire prevention functions together with GS Charge B, a domestic electric vehicle charging operator (CPO). They are currently preparing certifications for product launch and are making efforts to diversify their business.
On the same day, Witz announced that it is promoting joint development of a 7kW EV slow charger with Hyundai Kefico, a mobility electronic control solution specialist. They have signed a basic transaction agreement related to the joint development and supply of the 7kW EV slow charger.
The product under development is expected to be equipped with a PLC communication controller independently developed by Hyundai Kefico, and once development is completed, it is expected to be supplied to the electric vehicle charger market starting March 2025. A Witz representative said, "We view the cooperation with Hyundai Kefico, an affiliate of Hyundai Motor Group, positively. Based on this cooperation, we will solidify our position in the electric vehicle charging infrastructure market and strive to contribute to the establishment of electric vehicle infrastructure by introducing highly complete products to the market in the future."
Researcher Park Jong-sun of Eugene Investment & Securities explained, "The tradable volume after listing is 30.3% of the total shares (3.08 million shares), which is not a burdensome level."
Considering the public offering volume of 3 million shares, concerns about the release of pre-listing holdings appear to be minimal. The public offering consisted of 2 million new shares and 1 million existing shares sold.
Researcher Ko Seung-beom of Yuha Securities explained, "Witz's products are applied to all wireless charging flagship models such as Samsung's S series, Smart Ring, Fold, Flip, Buds3, and Watch," adding, "Shipments for wearables such as watches and earphones are expected to reach 5.5 million units." He further emphasized, "Samsung Electronics' mass-market models are also expected to adopt wireless charging solutions, enabling deliveries of 130 million units starting in 2026," and added, "With vehicle wireless charging adopting fast charging technology, it is expected to be installed in 46 million units across four models."
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