Doosan Robotics, South Korea’s largest supplier of collaborative robots, has generated significant interest from major investors, including sovereign wealth funds and long-term investment firms, as it gears up for its upcoming initial public offering (IPO). The offering price has been established at the upper end of the proposed price range, reflecting robust demand during the institutional book-building phase.
Among the potential investors eyeing Doosan Robotics are notable institutions such as Norway’s Norges Bank Investment Management, Singapore’s sovereign wealth fund GIC, BlackRock (NYSE: BLK), and Goldman Sachs. While Doosan has not officially disclosed the identities of these investors, Mirae Asset Securities and Korea Investment and Securities, the lead underwriters for the IPO, have confirmed the participation of foreign sovereign wealth funds and large-cap long-term funds in the book-building process. Such extensive participation is a rarity for an IPO deal with an offering size below 500 billion won ($375.8 million).
The institutional book-building period, which spanned five days, concluded on September 15, with the offering price fixed at 26,000 won, marking the top end of its price range. During this phase, a total of 1,920 institutional investors, both domestic and international, submitted applications for a combined total of over 2.4 billion shares. Impressively, 51.6 percent of these participants agreed to a lockup period following the IPO.
Doosan Robotics intends to issue 16.2 million shares through its IPO, with expectations of raising 421.2 billion won ($355 million) and attaining an estimated market capitalization of 1.69 trillion won ($1.42 billion). The subscription period for retail investors is set to open on Thursday and will run for two days, with the company anticipating its debut on the main Kospi bourse on October 5.
Proceeds stemming from the IPO will be channeled toward enhancing production capacity and boosting research and development capabilities, thereby reinforcing Doosan Robotics’ standing within the industry.
