Doosan Robotics to become a world-class cobot manufacturer ahead of IPO: CEO

Ryu Jung-hoon, chief executive officer at Doosan Robotics Co. [Courtesy of Doosan Robotics]

Ryu Jung-hoon, chief executive officer at Doosan Robotics Co., announced ambitious goals for the company to become a world-class manufacturer of collaborative robots.

“Our strategy is to take the lead in the business-to-business (B2B) robot market through tailor-made motion control solutions and expand our B2C presence in the home robotics sector, allowing us to establish ourselves as a globally renowned collaborative robot company,” he said during a press briefing on an initial public offering plan Thursday.

Doosan Robotics has been focused on expanding its two core units, collaborative robots, and software platforms since it was founded in 2015. Collaborative robots, also known as cobots, refers to a robot designed to work closely with humans in manufacturing environments, and Doosan Robotics has been bolstering global supply and sale networks in 40 countries, as well as its offshore operation in the United States, to tap the market. The robot maker now holds the largest market share in Korea and is ranked fourth in the global market excluding China.

Doosan Robotics has also focused on advanced technology, with about 40 percent of its staff responsible for research and development. The arrangement has enabled the company to develop the most extensive lineup of cobots with a broader range of payload and workload across the industry.

“Our 13 product lines have helped us to venture into new sectors, including services and healthcare,” Ryu said.

Doosan Robotics has achieved robust sales growth of 49 percent on average over the last three years, after beginning commercial production in 2018. The company is now preparing for an initial public offering (IPO) with 16.2 million new shares, priced from 21,000 won ($15.79) to 26,000 won per share. The anticipated total offering amount falls between 340 billion won and 421 billion won.

The book-building session for domestic and foreign institutional investors is open until September 15, while the general subscription period will run from September 21 to 22 and the stock is expected to go public on October 5.