Panasia Ltd, South Korea’s largest manufacturer of eco-friendly marine equipment, on Thursday (27 August) said it has initiated a public offering procedure for listing on the KOSDAQ after submitting a stock report.
The number of stocks that Panasia said it is offering for this listing is 4,500,000 stocks, all of which are recruiting new stocks, and the desired public offering band is between KRW 32,000 (USD 27) and KRW 36,000 (USD 30).
The company is expecting to raise KRW 144 billion (USD 121.6 million) to KRW 162 billion(USD 136.8 million) from this listing.
Founded in 1989, Panasia has built a portfolio of eco-friendly products specializing in air quality improvement and water treatment.
Its flagship products are the ‘ballast water treatment system’ that helps discharge ballast water without pollutants, and the Exhaust Gas Cleaning System (scrubber).
In 2019, Panasia recorded sales of KRW 328.5 billion and operating profit of KRW 71.5 billion, a 474.01% and 51,398.45% increase compared to 2018.
In the first half of this year, sales and operating profits recorded KRW 198.5 billion and KRW 58.2 billion, respectively, up 148.92% and 352.64% from the same period last year.
The company said it expects this year’s performance to grow from last year because the IMO has mandated reduction in fuel sulphur content as well as installation of ballast water treatment system, which must be installed on all ships around the world for international navigation by September 2024.
“As a result of focusing on the development of eco-friendly technologies while the environmental regulations are strengthening, we have been able to develop eco-friendly facilities that meet the IMO environmental regulations and have been recognized in the global market,” said CEO Lee Soo-tae of Panasia.
“After the IPO, we will find new eco-friendly businesses in addition to scrubbers and expand our scope to become a world-class company.”
Photo credit: Panasia
Published: 31 August, 2020
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