Hanwha System will launch a full-fledged public offering to list the KOSPI in the stock market. Hanwha System said on Oct. 4 that it has submitted a securities report to the Financial Services Commission. Previously, the company passed a preliminary screening process for listing on Sept. 25.
Hanwha System expects to secure up to 460.1 billion won in public funds through the IPO. The total number of public offering shares is 32,861,424 shares, with the desired range of public offering per share ranging from 12,250 won to 14,000 won.
The initial public offering price will be finalized through demand forecasts for domestic and foreign institutional investors from Oct. 21 to 30. Afterwards, Hanwha System's plan is to complete its listing within November after receiving a subscription between Nov. 4 and 5 and paying back the subscription money.
NH Investment & Securities, Korea Investment & Securities and Citibank Global Market Securities are arranging the listing.
Hanwha System started as a defense company called Samsung Thales in 2000 and was incorporated into Hanwha Group in 2015. Last year, it merged with Hanwha S&C, the group's system integration affiliate, to take its current form. The company plans to invest funds secured through the listing in future growth engines such as building a second data center and air taxis.
"In the future, we will do our best to share Hanwha System's vision and growth strategy with domestic and foreign investors and to promote corporate value," said Kim Yeon-chul, CEO of Hanwha System. Hanwha System is drawing attention as the cornerstone of Hanwha Group's succession.