Wonil TNI is trading significantly higher than its IPO price on its first day of listing. The company is attracting attention due to its association with the recently popular "Energy Expressway" in the stock market and US President Donald Trump's Alaska LNG (liquefied natural gas) development initiative. The high post-listing shareholding ratio of the largest shareholder and the low risk of overhang from venture investment are also seen as positive factors.
As of 9:24 a.m. on May 9, Wonil TNI was trading at 24,550 won, up 81.45% from its IPO price.
Following a book-building process for institutional investors held from April 16 to April 22, the IPO price was set at 13,500 won.
Wonil TNI is a company that provides solutions for the entire process of eco-friendly energy, from production to distribution, storage, and application, through the localization of its products. Over its approximately 35-year history, it has continuously responded to changes in the energy paradigm and is now actively expanding its business from nuclear power to LNG and hydrogen. After listing, the largest shareholder group holds a 68.21% stake.
In the LNG sector, the company has secured a unique competitive edge in "high-pressure combustion vaporizers (SCV)" that convert LNG into natural gas (NG). It also exclusively supplies the "BOG recondenser," which re-liquefies boil-off gas by mixing it with LNG, in Korea. In the hydrogen sector, the company is expanding its business centered on the mass production technology of "hydrogen storage alloys," which offer much higher safety than other methods of storing hydrogen in liquid or gas form and is the only such technology in Korea. Currently, it is the exclusive supplier for the Jangbogo III submarine and is expanding applications through demonstration projects for forklifts, excavators, and H-ESS.
Additionally, the hydrogen reformer business, which involves production facilities that extract hydrogen from natural gas, has strong scalability and is expected to receive additional orders continuously starting from the first half of this year. The company also possesses technology that combines a "carbon capture unit (CCUS)" to enable conversion to blue hydrogen, considering carbon emission reduction.
The IPO subscription attracted 2.6572 trillion won in deposits, resulting in a competition ratio of 1,312 to 1. The reasons cited for Wonil TNI's successful IPO include its possession of multiple core proprietary technologies in the LNG and hydrogen sectors, its achievement of product localization, and its ability to provide solutions for the entire process of eco-friendly energy from production to distribution, storage, and application, enabling flexible responses to market changes.
Park Jongseon, a researcher at Eugene Investment & Securities, stated, "The company is pursuing the development of an aluminum hydride (AlH3) hydrogen storage alloy, which has more than four times the storage capacity of conventional methods," and added, "We are also working to expand into the blue hydrogen market through the development of medium- and large-scale hydrogen reformers and carbon capture technology." He further noted, "The freely tradable shares account for 30.9% of the total number of shares, which is not a burdensome level."
Yoon Cheolhwan, a researcher at Korea Investment & Securities, commented, "Based on its technological capabilities, the company manufactures exclusive products," and introduced, "The main product, the high-pressure combustion vaporizer (SCV), is a device that vaporizes liquefied natural gas (LNG) into natural gas (NG) at LNG terminals." He emphasized, "With the expansion of global LNG demand, the company exports its products not only domestically but also to countries such as the United States, China, India, and Kuwait," and added, "It has supplied hydrogen reformers to hydrogen production bases and hydrogen charging stations in locations such as Pyeongtaek and Ansan."
Lee Jaemyung, the presidential candidate of the Democratic Party of Korea, pledged to build the "Energy Expressway" along the west coast by 2030 and to establish a "U-shaped offshore power grid" across the Korean Peninsula by 2040. He also mentioned plans for the establishment of a regionally distributed energy system, including: connection of solar and wind energy with energy storage systems (ESS), green hydrogen, and heat pumps; creation of energy self-sufficient villages using AI-based intelligent power grids; and providing distributed energy benefits to attract companies to local regions.
During major trade tariff negotiations with key trading partners, the Trump administration in the United States has made energy exports a major agenda item. The White House's "Energy Dominance Council" is pressuring countries such as Korea and Japan to officially announce plans to purchase Alaska LNG within the next few weeks. The council is also working to ensure that trade officials from Korea, Japan, and other countries attend a summit to be held in Alaska on June 2, which will focus on Alaska LNG, a key element of the Trump administration's second-term energy agenda.
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