Deviceeng Co., South Korea’s developer and supplier of industrial process machinery and equipment, plans to debut on the secondary Kosdaq market this month with hopes to expand investment in research and development with the proceeds from the initial public offering (IPO).

At a press conference on Tuesday, Deviceeng said that it will debut on the Kosdaq on December 20 at a price brand of between 15,500 won ($14.3) and 17,500 won per share.

Deviceeng, which was founded in 2002, manufactures high-efficiency cleaning equipment for organic light emitting diodes (OLED) deposition and front open unified pod (FOUP) cleaning equipment and supplies them to major display manufacturers from home and abroad. The company is known to have secured advanced technology to become world’s first developer of mask cleaning equipment for mass produced 6-Gen active matrix OLED (AMOLED) deposition and developed self-quality test system for OLED cleaning.

An unnamed official from Deviceeng said that the overall display market is shifting focus from liquid crystal display (LCD) to OLED, significantly increasing demand for OLED equipment by global display manufacturers.

Last year, Deviceeng raised 6.1 billion won in operating income on sales of 70.7 billion won. In the first nine months of this year, the company raked in 11.3 billion won in operating profit on sales of 98.3 billion won, surpassing last year’s earnings by a big margin.

By Chung Woo-sung and Lee Eun-joo

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