KOSPI IPO Pursuing 'Ido', Selected as Consortium Partner for West Coast Cable Car Project

Taean Marine Relics Exhibition Hall~Bueokdo 1.78km Installation
Project Cost 49.7 Billion KRW... Securing Long-term Profitability up to 30 Years
Comprehensive Project Management Including Operation
Continuous Expansion of Private Investment Proposal Projects

[Asia Economy Reporter Lim Jeong-su] YIDO Co., Ltd., the only integrated operation and management (O&M) specialist company in Korea, has been selected as the preferred negotiator for the Taean Coastal Cable Car project, a famous attraction on the West Coast. YIDO expects this to be a positive factor for its planned initial public offering (IPO) on the Korea Composite Stock Price Index (KOSPI) market in the second half of this year and for enhancing its corporate value.

On the 25th, YIDO announced that it had been chosen as the preferred negotiator in the private sector bidding for the Taean Coastal Cable Car project, organized by Taean County, Chungcheongnam-do. The Taean Cable Car will be installed by the end of 2022, spanning 1.78 km between the National Taean Marine Heritage Museum in Sinjindo, Geunheung-myeon, Taean County, and Bueokdo Island. This project will be carried out with private sector capital, covering detailed design, cable car construction, and other ancillary facilities. After installation, the facilities will be donated to Taean County, and the operator will receive a usage permit for a certain period to run the service.

YIDO will lead the overall cable car project, including project promotion, financing, permits, and project management consulting (PMC), including operation. Securing an operation right for up to 30 years is expected to generate stable revenue and profits. YIDO projects that from 2023, when cable car operations begin, the annual average number of users will reach approximately 590,000 over 30 years. Additionally, the cable car will be constructed in an eco-friendly manner, focusing on energy reduction, and will contribute to regional economic development through job creation and revitalization of Taean tourism.

A YIDO representative expressed optimism, stating, "This will also act as a positive factor for the IPO planned for the second half of the year." YIDO is currently preparing for its KOSPI listing with Mirae Asset Daewoo as the lead underwriter and Daishin Securities as a joint underwriter.

Using this project as a stepping stone, YIDO plans to actively secure future growth engines by discovering various private investment proposal projects in diverse fields. Currently, YIDO is actively pursuing private investment proposals in various sectors such as urban parking lots, tram (streetcar) construction projects, sewage treatment plants, and other environmental and infrastructure areas.

Choi Jeong-hoon, CEO of YIDO, said, "As the only specialized company in Korea that efficiently maximizes asset value, we have been recognized for our ability to lead and manage private investment proposal projects through this project. Moving forward, we will actively discover proposal projects and secure long-term operation rights of 20 to 30 years in the early stages to continuously strengthen profitability."

This content was produced with the assistance of AI translation services.