Table of Contents
- Watch SEC's KOSDAQ Listing, an Electron Beam Inspection Equipment Company
- Overview of SEC and Its Main Business
- Public Offering Schedule and Price, IPO Competition Rate
- Stock Price Outlook and Investment Points After SEC's Listing
- A Company to Watch for Its Technology and Growth, but Caution Needed for Short-Term Financial Stability
Watch SEC's KOSDAQ Listing, an Electron Beam Inspection Equipment Company
SEC, specializing in high-precision inspection equipment based on electron beam technology, is attracting the attention of public offering investors as it seeks a KOSDAQ listing.
With successful outcomes from the demand forecast and general subscription, focus is now on stock price changes and performance expectations after the listing.
Overview of SEC and Its Main Business
Founded on March 22, 2000, SEC specializes in electron beam inspection equipment, designing and producing X-ray inspection equipment, LINAC, Tabletop SEM, and more suitable for industries such as semiconductors, batteries, and defense. The headquarters is located at 111, 155 Beon-gil, Gwonseon-gu, Suwon-si, Gyeonggi-do, and the current employee count is 226.
The representative, Kim Jong-hyun, holds 16% of the shares as the largest shareholder and is responsible for overall management. The company is certified as a venture and innovative business, acknowledging its technology and innovation.
As of the end of 2024, the financial situation appears somewhat precarious. Revenue has reached 50.4 billion KRW, but operating losses have amounted to 6.875 billion KRW, with a net loss of 6.908 billion KRW. Additionally, net equity stands at -12.935 billion KRW, leading to a high debt ratio and financial struggles.
In this context, securing funds through the listing is expected to significantly aid in equipment investments, research and development, and debt repayments.
Public Offering Schedule and Price, IPO Competition Rate
SEC submitted its securities registration statement on March 21, 2025, achieving better-than-expected results in both institutional demand forecasts and general subscriptions. The institutional demand forecast was conducted from April 8 to April 14, and the general subscription occurred from April 17 to April 18.
The final public offering price was set at 15,000 KRW, which is at the upper end of the desired range. The total number of public offering shares is 1,200,000, with the total offering amount reaching 18 billion KRW. The listing date is scheduled for April 28, 2025, and the underwriter is Shin Young Securities Co., Ltd.
The competition rate for the institutional demand forecast reached 1232.54 to 1, while the competition rate for the general subscription was 933.6 to 1. The number of subscriptions amounted to approximately 100,000, with the subscription deposit totaling 2.1 trillion KRW. This performance is analyzed to reflect the high demand for semiconductor inspection equipment and trust in its technology.
Stock Price Outlook and Investment Points After SEC's Listing
Following the listing, the expected market capitalization is around 130.9 billion KRW, classifying it as a relatively small company. However, SEC possesses independent technology and its own production line in the technology-intensive field of electron beam inspection equipment, which is gaining attention for its potential connection with high-growth industries in the future.
In particular, demand for precision inspections and quality control is surging in key industries such as semiconductors, defense, and battery manufacturing. Therefore, SEC's product lineup is likely to become essential equipment in these industries. If the funds secured through this listing are effectively utilized for expanding production facilities and research and development, improvements in future performance and recovery of profitability can be anticipated.
However, the accumulated losses and capital erosion thus far are signs of risks that need to be monitored. Without support for short-term performance recovery, there is also a risk of increased volatility in stock prices, making cautious approaches necessary.
A Company to Watch for Its Technology and Growth, but Caution Needed for Short-Term Financial Stability
SEC is a company with specialized product lines based on its independent technology in the inspection equipment sector. With the development of the semiconductor and battery industries, it looks highly likely to grow in the medium to long term. The company's value is expected to increase further due to continuous facility investments and research and development results even after the listing.
However, the current deterioration in profitability and the situation of capital erosion can be interpreted as signals requiring caution. After an initial surge in the stock price following the IPO, the continued upward trend will largely depend on the company's performance improvements. Therefore, a medium to long-term approach is likely to be more rational than a short-term investment.
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