Chip-tool specialist Melcon lists on Kosdaq in $23 million IPO
What's the deal? MelconDealroom has a profile for this one. Try Dealroom →, a South Korean maker of ultra-precise environmental control systems for semiconductor manufacturing, listed on the Kosdaq market on October 15. The IPO raised about US$25.8M (roughly $23 million), with an expected post-listing market capitalisation of around US$130M.
Why now? The offering priced at US$10.3 per share — the top of its target range — after strong demand. Retail investors oversubscribed the deal 1,741.48 to one, tying up about US$5.62B in deposits, while 2,405 institutions drove a 1,136.84-to-one book, with 99.9% of orders at or above the top price.
What's the endgame? Founded in 2003, Melcon builds systems that control temperature, humidity, and air cleanliness inside photolithography equipment, where stable conditions directly affect chip yield and quality.
Who are the customers? Its precision temperature and humidity controller (THC) is used in Tokyo ElectronDealroom has a profile for this one. Try Dealroom → coating and developing track tools, while its precision purification control system (XPS) goes into ASML scanners. The company says THC held about 71% of the domestic market over the past three years, and it is the sole domestic XPS supplier.
By the numbers: Melcon reported 2024 revenue of US$35M and operating profit of US$5.2M. Daishin SecuritiesDealroom has a profile for this one. Try Dealroom → led the offering.
Where does the money go? Proceeds will fund expanded THC and XPS capacity, research and development on new products, and production and testing infrastructure. The company plans to advance tools for extreme ultraviolet (EUV) and next-generation High-NA EUV processes and to expand into high-bandwidth memory (HBM) and chip packaging.
The signal: "Melcon will advance EUV THC and expand THC and XPS capacity to meet rising equipment demand from growing EUV investment," chief executive officer Kim Sung-il said. The listing ties Melcon's growth to the same advanced-node spending wave lifting its customers, ASML and Tokyo Electron.
Read more: edaily.co.kr
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