Woojin B&G's Subsidiary 'OSP' Selected as IPO Underwriter... Plans to List on KOSDAQ in Second Half of Next Year

[Asia Economy Reporter Hyunseok Yoo] Woojin B&G announced on the 25th that its subsidiary OSP has selected Daishin Securities and SK Securities as the lead underwriters for its initial public offering (IPO) and has begun full-scale preparations for listing on the KOSDAQ.

OSP is a leading domestic organic pet food OEM company that has been rapidly growing in line with the expanding pet market. It has obtained HACCP (Hazard Analysis and Critical Control Points) and USDA-NOP (United States Department of Agriculture National Organic Program) certifications and is conducting business with major domestic feed companies.

OSP, which has maintained steady growth, saw a significant increase in performance last year. In 2019, sales reached 15 billion KRW, a 23% increase compared to the previous year, while operating profit and net income were 2.9 billion KRW and 2.2 billion KRW, respectively, marking increases of 107% and 130%. Recognized for its future growth potential, OSP successfully attracted approximately 4 billion KRW in investments last year from Ajou IB Investment, Hana Ventures, and Earnest Ventures.

Kang Jaegu, CEO of Woojin B&G and OSP, stated, “We plan to successfully list on the KOSDAQ in the second half of 2021 with Daishin Securities and SK Securities, who have extensive IPO experience, and to promote company growth. We expect the synergy effect between Woojin B&G and OSP to accelerate the enhancement of corporate value.”

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