Shares of beer robot maker Doosan Robotics doubled after IPO

The share price of South Korean robot manufacturer Doosan Robotics rose on the first day of trading on the South Korean stock exchange on October 5. The day before, the company held the largest IPO in the country this year, during which it raised more than $310 million. About this writes Market Watch.

Doosan Robotics opened at 59,100 Korean won ($43.67) per share, more than double its initial IPO price of 26,000 won ($19.25). The shares later lost some of their gains and closed at 53,400 won ($39.54) at 9:30 a.m. Moscow time, an increase of +97.69%.

Doosan’s parent company’s shares initially rose ahead of the unit’s long-awaited listing, and on Thursday fell 19% to 91,800 won ($67.97), its biggest decline since March 2020. However, its stake in Doosan Robotics fell to 68. 2% from 90.9% before IPO.

Doosan Robotics’ estimated market capitalization has reached nearly 4 trillion won ($2.96 billion), based on the total number of common shares issued so far, the portal notes.

Doosan Robotics is South Korea’s largest manufacturer of robots that can pour beer and coffee. The company, founded in 2015, successfully raised 421 billion won ($312 million) in its IPO. At the end of 2022, Doosan Robotics received revenue of 44.9 billion won, with an operating loss of 13.2 billion won. In September 2023, the company’s CEO said he expected to turn a profit in 2024.

Doosan Robotics plans to use the IPO proceeds for strategic acquisitions and overseas expansion. The robot maker is considering buying a company with technology that could enable robotic mobility, the CEO said. In 2022, the company’s sales volume from clients such as Hyundai Motor and LG Electronics amounted to 45 billion won ($33 million).

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