DTES prices KOSDAQ IPO at top of range, raising $30.8M
What's the deal? DTESDealroom has a profile for this one. Try Dealroom →, a South Korean maker of air-cooled heat exchangers, set its IPO price at US$15.5 per share — the top of its expected range — to raise roughly US$34.5M. The KOSDAQ listing values the company at approximately US$230.8M.
Why now? DTES is a subsidiary of KOSDAQ-listed Dasan NetworksDealroom has a profile for this one. Try Dealroom →. It becomes only the second exception case to list under new regulations on overlapping listings, after DS NavcoursDealroom has a profile for this one. Try Dealroom →.
What's the endgame? DTES designs and manufactures air-cooled heat exchangers used in LNG, refining, petrochemical, and power plant facilities. It plans to spend the proceeds on project execution, facility investment, and new technologies including AI data center cooling and waste heat recovery power generation.
By the numbers: First-half revenue reached US$66.3M and operating profit hit US$12.6M, up 26.2% and 42.9% respectively year on year. Its order backlog stood at US$108.4M at the end of June.
What happens next? A demand forecast from October 1 to 8 drew 2,381 institutions and a competition ratio of 983.98 to 1, with 99.9% bidding at or above the top of the range. General subscription runs October 13–14, with the KOSDAQ debut set for the 23rd. Daishin SecuritiesDealroom has a profile for this one. Try Dealroom → is lead manager.
The signal: Strong institutional demand for an industrial supplier — now pivoting toward data center cooling and waste heat recovery — shows how established manufacturers are positioning around energy-intensive AI infrastructure.
Read more: chosun.com
Image credit: Generated with Gemini
