Paratus-owned Senic seeks underwriters for IPO Korean SiC wafer maker plans to go public by using technology exception policy

Translated by Ryu Ho-joung 공개 2021-09-24 08:09:29

이 기사는 2021년 09월 24일 08:08 더벨 유료페이지에 표출된 기사입니다.

Senic, a South Korean producer of silicon carbide (SiC) wafers, is gearing up for an initial public offering, with a target of listing in 2023.

The company has recently sent a request for proposals to several major domestic brokerage firms to select underwriters for a potential IPO, industry sources said. Among them are Mirae Asset Securities, Korea Investment & Securities, NH Investment & Securities and KB Securities.

Proposals are due by the end of this month, which will be followed by presentations by individual applicants. Final selections are expected to be made before the end of October.

Senic intends to go public on the country’s stock exchange through the technology exception policy, where even a loss-making company can be qualified for an IPO if it has strong technology and growth potential.

Senic, previously part of SKC, is currently developing 6-inch SiC wafers. The company tentatively plans to receive ratings on the technology from designated institutions by early 2023 and go public by the end of 2023.

“Most of the original research and development staff are still working at the company, which assures Senic’s technology,” an industry insider said. “It also means a lot that Senic is one of the few firms that are not from the biotech sector, which dominates listings under the technology exception policy.”

Senic, founded in June after being spun off from SKC, was acquired by Seoul-based private equity firm Paratus Investment for about 70 billion won ($59.2 million) earlier this month. It manufactures SiC wafers, which are key parts for power inverters and converters used in electric vehicles.

Senic’s 6-inch SiC wafers have a high barrier to entry, with only a few global competitors in the market such as Cree, II-VI and SiCrystal. Senic is the only company in South Korea to own such technology.

Senic plans to use most of the proceeds from the IPO to enhance its 6-inch SiC wafer technology and increase production capacity. The company is expected to start generating meaningful revenue in 2024 given its goal to get quality approval for its product from major customers including Hyundai Motor by the end of 2023. (Reporting by Chul Kang)
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