South Korea’s household and personal care product maker Aekyung Industry Co. vowed to raise 1 trillion won ($930 million) in annual sales by 2020 on Thursday when it debuted on the country’s main bourse more than three decades after its inception.

Founded in 1985, Aekyung Industry went public on Thursday and its shares finished the first trading day at 34,000 won, up 21.43 percent or 6,000 won from the opening price of 28,000 won. The initial offering price was 29,100 won.

The company revealed its goal to rake in 1 trillion won in annual sales by 2020 and achieve 15 percent operating margin at Korea Exchange in Yeouido, western Seoul, after its successful listing on the Kospi index.

Aekyung Industry said it will use the proceeds from the stock listing to enhance its market position in the personal care product market, expand cosmetics business, and increase global sales by promoting research and development and facility investment. To achieve its goal, it will produce personal care products that reflect the latest trends and consumer demands and add more cosmetics brands, the company added.

In particular, Aekyung Industry will put out efforts to expand sales in China where it has established a local entity in Shanghai in September. The company’s China sales as of third quarter ended September has already surpassed that of full 2016, according to the company.

Aekyung Industry owns household care product brands such as Trio, Korea’s first and longest-surviving dishwashing detergent, Dental Clinic 2080 toothpaste, and neutral laundry detergent Wool Shampoo. It also has cosmetics brands Age 20s, Luna, and Point. Age 20s’ essence cover pact has gained great popularity among consumers, leading the company’s cosmetics sales to account for 36.9 percent of its total sales as of third quarter ended September, up from 15 percent in 2015.

An unnamed official from Aekyung Industry said that the company will promote growth through the IPO by constantly seeking to challenge and innovate and involving in trust management.

By Shin Heon-cheol and Lee Eun-joo

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