South Korea’s Syswork Co., an industrial motors and clean room control system provider, has embarked on procedures for initial public offering (IPO) by submitting securities registration statement to the Financial Supervisory Service (FSS) on Friday to debut on the nation’s secondary Kosdaq market by the end of December, the company said Friday.

The desired price band is between 3,300 won ($3) and 3,900 won apiece. The book-building session will run on Dec. 8-11 and public subscription on Dec. 14-15.

Founded in 2004, Daejon-based Syswork 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 semiconductors and display panels. It is also producing brushless DC (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 Choi Mira

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