[Photo provided by Plakor Co.]
Plakor Co., a manufacturer of plastic automotive parts and their molds in South Korea, will go public on the country’s primary Kospi market later this month.
According to multiple sources from the investment bank industry on Thursday, Plakor plans to issue new shares at a price band of between 7,000 won ($6.1) and 11,000 won apiece after a two-day book building session on Oct. 15-16. Subscription for retail investors will take place on Oct. 22-23. The shares will debut on Oct. 31. The lead underwriter is NH Investment & Securities Co.
Plakor - founded in 1989 - manufactures internal and external plastic parts for automobiles such as spoilers and glovebox. The company also makes molds that shape plastic auto parts. Plakor manages the country’s largest mold manufacturing facility among plastic injection molding companies.
Sales of Plakor jumped from 376.2 billion won in 2013 to 674.8 billion won last year, resulting to an annual average growth of 15.7 percent. Sales growth is backed by its aggressive marketing targeting global automakers such as Hyundai Motor Co., Kia Motors Corp. and other European carmakers.
Plakor is projected to continue solid performance amid growing demand for smart cruise control (SCC) covers, in which the company owns original technology. SCC covers require high technical skills as they are special covers allowing radar beam transmission. SCC covers must be equipped in autonomous emergency braking, advanced smart cruise control, and lane departure warning systems that apply radar and cameras.
By Cho Hee-young and Lee Eun-joo
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