HPK Inc., a South Korean industrial equipment manufacturer, has launched the procedure to go public on the country’s secondary Kosdaq market with hopes to raise capital to expand its business.

According to the Korea Exchange on Wednesday, HPK filed a preliminary application for the listing on Monday.

The company plans to offer 2,728,000 shares, which accounts for 25 percent of its total shares to be listed at 10,912,000 shares.

The largest shareholder of HPK is Cho Chang-hyun, chairman of SeA Mechanics Co., with a stake of 29.11 percent. Cho and his stakeholders own 47.46 percent of HPK shares.

HPK is a company that provides inspection solutions for camera modules and laser processing used in semiconductor and display processes.

The company’s products serve various sectors, including semiconductors, displays, camera modules, and secondary batteries.

HPK posted 26.4 billion won ($19.3 million) in sales in 2023 and 800 million won in net profit.

SeA Mechanics, founded in September 1999, is a manufacturer of secondary battery components. The company went public in 2022.

By Oh Dae-seok and Han Yubin

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