The shares opened at 50,300 won — 242 percent above the initial public offering (IPO) price of 14,700 won — and immediately hit the daily permissible ceiling of 58,800 won ($40). The stock stayed locked at the upper limit throughout the session despite a sweeping rout that dragged both the KOSPI and KOSDAQ down around 2 percent. KB Securities was the sole underwriter.
Founded in 2013, Innotech specializes in reliability and environmental testing systems that simulate extreme conditions — from minus 70 to plus 250 degrees Celsius — to verify durability against heat, humidity, and vibration. Such systems are essential across semiconductor, battery, display, and automotive manufacturing, where production stability and quality assurance hinge on precision testing.
By developing proprietary technologies and offering integrated services from design and manufacturing to maintenance, the company has reduced reliance on imported equipment. This strategy helped Innotech secure major clients including Samsung Display, Samsung Electronics’ Mobile Division, and Samsung SDI between 2019 and 2023. The firm has also expanded overseas with a Vietnam subsidiary and around $5 million in exports.
Financial performance has strengthened steadily. Revenue rose from 6.4 billion won in 2021 to 16.7 billion won ($11.46 million) last year, representing a compound annual growth rate of 27.1 percent over four years.
Investor demand for the IPO was overwhelming. Institutional book-building drew a subscription ratio of 1,072 to 1, pushing the pricing to the top of the indicative range. Retail demand was even stronger, with 410,000 bids, a competitive ratio of 2,427 to 1, and deposits swelling to 7.85 trillion won.
A KB Securities official said Innotech’s growth prospects in displays, semiconductors, and secondary batteries “drew strong interest from both institutional and individual investors.”
Innotech plans to use the proceeds to develop next-generation testing systems for semiconductors and batteries, expand R&D, and strengthen its global customer network.
CEO Jang Seok-jun said the firm aims to become “a leading global provider of complex reliability and environmental testing equipment through continued technological innovation.”
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