IPO Pursuing Woojin Gijeon Achieves Record-High Orders Last Year

[Asia Economy Reporter Hyungsoo Park] Woojin Electric achieved its highest order record since its establishment last year. This year, an increase in orders is expected due to the expansion of investments in front-end industries such as semiconductors and displays, as well as entry into new markets like renewable energy and data centers.

Woojin Electric, a total power platform solution company, announced on the 7th that its cumulative orders last year reached 278.5 billion KRW, a 61% increase compared to the previous year. This is the largest scale since its founding in 1984.

Woojin Electric, a power platform solution provider, offers total solution services in four business areas: power quality, power systems, power equipment, and renewable energy. It has over 300 high-quality customers, including large corporations, in front-end industries such as semiconductors, displays, and renewable energy.

Last year, Woojin Electric achieved results in the renewable energy sector by responding to market changes such as the government’s ‘2050 Carbon Neutrality Plan.’ Woojin Electric secured orders worth 15.7 billion KRW for floating solar power structures and mooring facilities at the ‘Iwonho Floating Solar Power Plant,’ conducted by the Korea Rural Community Corporation in line with the ‘Rural Decarbonization Project Plan.’

Woojin Electric also newly entered the data center market. Data centers consume a large amount of power and require power-related equipment. The number of domestic data centers is expected to increase from about 150 this year to around 200 in 2024. Last year, Woojin Electric achieved orders worth 12.7 billion KRW from data centers invested in by three major domestic corporations.

Jang Chang-ik, CEO of Woojin Electric, said, "We actively responded to market changes such as the government’s carbon neutrality policy and the acceleration of digital transformation due to COVID-19, achieving great results. This year, we will maximize orders through active sales activities not only in existing semiconductor and display industries but also in new markets such as renewable energy and data centers."

He added, "Regarding the initial public offering (IPO) planned for the third quarter of next year, we are proceeding smoothly in consultation with the underwriters. We will ensure to receive a high corporate value."

A-Root is the largest shareholder holding 62.68% of Woojin Holdings, the parent company of Woojin Electric. A-Root also holds a call option on convertible bonds (CB) issued by Woojin Holdings. If the call option is exercised, the shareholding ratio in Woojin Holdings will increase to 88.5%.

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