Syswork Co., a South Korean manufacturer of industrial brushless DC motors and clean room control and monitoring systems, Friday passed a preliminary IPO review to be listed on the country’s secondary stock exchange Kosdaq.

Stocks are due to be traded on the stock market in December after book-building and public subscription processes.

Daejeon-based Syswork was founded in 2004 and has developed a system to monitor and control a fan filter unit in the clean room which is an essential component to the production of semiconductor chips and display panels. It is also producing BLDC motors and controllers for air conditioners and ventilators.

The company reported 24.3 billion won ($21.8 million) in sales and 5.9 billion won in operating profit last year, up 56 percent and 118 percent, respectively from a year ago. It posted 25.9 billion won in sales and 5.7 billion won in operating profit for the first three quarters of this year, showing a fast and solid growth on a boom in the semiconductor industry.

By Chung Woo-sung and Minu Kim

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]