South Korea’s sTraffic Co., a transportation infrastructure system solutions provider, plans to go public on the country’s secondary Kosdaq market next month with hopes to raise up to 21.3 billion won ($19.3 million).

At a press conference in Yeouido, western Seoul, on Monday, sTraffic unveiled its initial public offering (IPO) price band of between 8,000 won and 10,000 won per share. The company plans to offer 2.13 million shares, which would allow it to earn up to 21.3 billion won based on the top end price.

sTraffic plans to determine the IPO price after its book building on Monday and offer shares to retail investors on Nov. 23 and 24 ahead of the listing on Dec. 5. The IPO underwriter is Mirae Asset Daewoo Co.

sTraffic, a developer of hi-pass or electronic toll collection system for expressways in Korea, was founded in 2013 by former Samsung SDS Co. employees who were responsible for developing transportation system solutions. At Samsung SDS, they localized a toll collection system specifically tailored to Korean highway conditions and developed and commercialized Korea’s first indigenous automated toll collection solution in 2000. About 31 percent of the country’s electronic expressway toll collection system, dubbed hi-pass and managed by Road Traffic Authority, are made by sTraffic.

The company also recently developed a new hi-pass system that allows vehicles to pay toll fees by passing through a toll gate at 160 kilometers per hour speed without having to slow down for the first time in Korea. The system is currently being tested at New Daegu-Busan and Cheonan-Nonsan expressways.

sTraffic’s sales jumped from 38.3 billion won in 2014 to 88.8 billion won in 2016, growing at an annual growth rate of 52 percent on average in the last three years.

By Chung Woo-sung and Lee Eun-joo

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