IDP "Proud of Domestic Production of Official ID Cards"... KOSDAQ Listing on the 24th

Noh Hyun-cheol, CEO of IDP, is explaining about the company at the IPO briefing held on the 6th at Hanwha Financial Center in Yeouido, Seoul.

[Asia Economy Reporter Kum Boryeong] "We take pride in achieving the localization of public ID card issuance."

IDP, a company that develops, manufactures, and sells special printers for card issuance, held an initial public offering (IPO) press conference on the afternoon of the 6th at the Hanwha Financial Center in Yeouido, Seoul.

Founded in 2005, IDP develops and sells special printers for issuing cards such as public ID cards, including driver's licenses. The company succeeded in localizing card printers with its own technology. CEO Noh Hyun-cheol of IDP stated, "The equipment for issuing ID cards had been foreign-made until now, but IDP succeeded in localization, and since 2016, it has been used for issuing driver's licenses in South Korea. By the first half of this year, we recorded a 70% market share related to driver's license issuance, and we expect 100% localization by 2022," he emphasized.

The product competitiveness has also been recognized overseas. IDP exports its products to 58 countries worldwide. The sales distribution is 27% in the Asian market, 23% in the American market, and 22% in the Middle Eastern market. Last year, exports accounted for about 87% of total sales. Major overseas projects include issuing visitor badges at the 2016 Mobile World Congress (MWC) in Spain, issuing temporary residence permits in Xinjiang, China in 2018, and issuing vehicle registration cards in Mexico in 2019.

CEO Noh believes the market size will grow further. This is because stable sales of consumables can be made after selling card printers. Consumables include ribbons and laminating films used in the card printing process. CEO Noh explained, "As the cumulative sales of IDP's card printers increase, steady consumable sales will occur during the estimated printer usage period of about seven years, which is expected to become a stable growth foundation for IDP."

The company's performance has steadily grown over the past 15 years. Operating profit on a consolidated basis increased from 2.5 billion KRW in 2018 to 4.2 billion KRW last year, and sales rose from 19.1 billion KRW to 25.3 billion KRW during the same period. CEO Noh said, "IDP's 15 consecutive years of growth were possible thanks to continuous R&D investment and the steady introduction of new product lineups. With the launch of a new retransfer card printer in the first half of next year, entry into new markets, and collaboration with large distribution channels, we aim to become a company with a 10% global market share by 2024."

IDP's expected IPO price range is 8,800 to 9,800 KRW. The lead underwriter is Kiwoom Securities. After finalizing the IPO price through demand forecasting by the 7th, subscription will be accepted on the 11th and 12th. The KOSDAQ listing is scheduled for the 24th.

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