South Korea’s robotics startup Doosan Robotics opens books for a $318 million IPO
Doosan Robotics, a leading South Korean robotics startup that develops and manufactures industrial robots and automation solutions, has initiated the process of book building for its upcoming initial public offering (IPO).
As outlined in the company’s regulatory filing, the international book-building phase is set to take place from August 28 to September 15, while the domestic subscription window will be accessible from September 11 to September 15.
Doosan Robotics, recognized as one of the foremost suppliers of collaborative robots in Korea, has also made available a total of 16.2 million shares for subscription starting from Monday. The price range for these shares falls within an indicative spectrum of 21,000 won to 26,000 won, Reuters reported.
Through this IPO, the company aims to raise up to 421.2 billion won (approximately $318.3 million), which could potentially lead to a market capitalization of around 1.69 trillion won. The definitive pricing details are scheduled for disclosure on September 19. The co-lead underwriters for this venture are Korea Investment & Securities and Mirae Asset Securities.
Founded in 2015 as a subsidiary of the larger Doosan Group, the company quickly emerged as a noteworthy contender in the global robotics landscape. Doosan Robotics is also recognized for its advanced robotic technology catering to diverse sectors such as manufacturing, logistics, and healthcare. Its robotic systems boast cutting-edge features including collaborative capabilities, precise motion control, and user-friendly interfaces, enabling seamless integration alongside human operators for intricate tasks.
Since its inception eight years ago, Doosan Robotics has introduced a variety of robot models, encompassing articulated robots featuring multiple joints and collaborative robots (cobots) designed to work harmoniously with human counterparts. The robots are capable of executing functions such as material handling, assembly, welding, and quality inspection.