DTS plans to offer 2,228,917 initial shares at a proposed price range of 17,000 won to 18,500 won each. The deal is expected to raise between 37.9 billion won ($28.2 million) and 41.2 billion won ($30.6 million).
Institutional bookbuilding is scheduled for October 1 to 8, followed by subscriptions for retail investors on October 13 and 14. Daishin Securities is the lead underwriter.
Founded in 2000, DTS designs and manufactures air-cooled heat exchangers used in power generation, liquefied natural gas and petrochemical plants.
Its main products include air fin coolers, or AFCs, which use outside air to cool process gases and liquids. It also makes air-cooled condensers, or ACCs, which cool steam from power-generation turbines and convert it back into water.
The company said its main strength lies in designing heat exchangers to meet the operating conditions of each plant. Its technology includes fins that improve heat transfer, low-noise designs and the capacity to manufacture large-scale equipment.
DTS handles projects from design and production to quality inspection and delivery, allowing it to adjust equipment to different performance, noise and installation requirements.
The business has expanded overseas. As of the end of the first half, DTS had completed 284 projects in more than 30 countries. It said it had supplied 15 of the world's top 20 engineering, procurement and construction (EPC) companies.
DTS also said it had received as many as 27 repeat orders from a single end customer and up to 15 from the same EPC company, reflecting what it described as long-term relationships with major clients.
Sales and operating profit have also grown. Revenue rose to 142.7 billion won last year from 75.8 billion won in 2023, while operating profit increased to 25.1 billion won from 13.3 billion won over the same period.
Its operating margin stood at 17.6 percent last year.
The growth continued in the first half. Revenue reached 79.1 billion won, up 26.2 percent from a year earlier. Operating profit rose 42.9 percent to 15.0 billion won.
DTS plans to use the IPO proceeds to expand and automate production facilities and develop new businesses. Investments at its Gunsan production base, which produces heat-exchange equipment, are intended to raise productivity and improve cost competitiveness.
It also plans to expand its existing energy-plant capacity and strengthen its business in artificial intelligence and low-carbon energy.
AJP Takeaways
- DTS said September 14 that it filed a securities registration statement for a KOSDAQ IPO, offering 2.23 million shares at 17,000 won to 18,500 won each.
- The offering is expected to raise 37.9 billion won to 41.2 billion won, with institutional bookbuilding scheduled for October 1 to 8 and retail subscriptions for October 13 and 14.
- DTS completed 284 projects in more than 30 countries as of the first half and reported first-half revenue of 79.1 billion won and operating profit of 15.0 billion won.
Copyright ⓒ Aju Press All rights reserved.
