Korean construction firm Daewon readies $27mn IPO in Dec

2017.11.15 16:46:54 | 2017.11.15 16:47:20
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Jeon Eung-sik, Daewon’s chief executive

Jeon Eung-sik, Daewon’s chief executive

Daewon Co., South Korea’s midsize builder of commercial and industrial facilities, plan to debut on the secondary Kosdaq market next month with hopes to raise up to 30 billion won ($27 million) from the initial public offering to expand on domestic and external front.

"The IPO marking our 45th anniversary since founding will set the foundation for us to go global," said Jeon Eung-sik, the company’s chief executive, at a press conference held in Yeouido, western Seoul, on Wednesday.

The company’s IPO pricing will be decided after two-day book building from Thursday. Its guidance is 13,000 won ($12) to 15,000 won. At the top end of the band, the company can earn 30 billion won through offering of 2 million shares. Public offering will be available on Nov. 23-24.

Daewon generates stable profit from building residential facilities. It supplies housing apartments under its signature brand Cantavil to more than 30,000 households across the country, mainly in Chungcheong and Seoul metropolitan areas.

The midsize builder has been putting out efforts to expand to civil engineering at home and urban development in Vietnam.

Last year, Daewon raised 17.47 billion won in operating income on a consolidated basis on sales of 267.4 billion won. Its net profit reached 38.05 billion won.

In the mid to long run, Daewon aims to boost performance by seeking new growth engines in the development sector such as infrastructure and urban restoration projects in Korea and Vietnam as well as platform commercialization and corporate lease management businesses.

By Chung Woo-sung and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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