Samsung Electro-Mechanics' offshoot SoluM prices around $90 mn IPO Fri
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Mirae Asset Daewoo and KB Securities are co-underwriters and retail investors will be able to subscribe on January 21-22. Shares go listed on the main Kospi on Feb. 2.
The company plans to use the proceeds to pay back debts and purchase raw materials.
“We will use our IPO momentum to become the global No. 1 in electronic shelf labels (ESLs),” said Jun Sung-ho, CEO of SoluM during the IPO press conference a day earlier on Wednesday.
SoluM was organized in September 2015 with three businesses or power module, tuner and ESL separated from Samsung Elecro-Mechanics’ digital module division. CEO Jun and key leadership members had worked at Samsung Electro-Mechanics.
Jun emphasized its growth potential in all business areas.
The electronic component business contributing 86 percent to its total revenue as of 2019 aims to enter the 5G network and solar street light markets and raise its global market share for three-in-one boards in which three key components and software are integrated to 30 percent in three years from current 6 percent.
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