[IPO] NZET "Possesses EHD Printing Technology Leading Innovation in Display, Semiconductor, and Bio Processes"

Byeon Doyeong, CEO of NJET.

[Asia Economy Reporter Jang Hyowon] Njet, a specialist company in ultra-precision inkjet printing, is knocking on the door of KOSDAQ. Based on its independently developed Electrohydrodynamic (EHD) technology, Njet plans to expand its market from the display sector to semiconductors and bio industries.

On the 2nd, Do-young Byun, CEO of Njet, held a press conference in Yeouido, Seoul, ahead of the KOSDAQ listing through a special technology listing for materials, parts, and equipment (SoBuJang).

Founded in 2009, Njet is a specialist company in ultra-precision inkjet printing applying proprietary EHD technology. CEO Do-young Byun, a professor at Sungkyunkwan University, developed the core EHD technology and applies it across various industries.

While conventional printing sprays ink by pressure inside the nozzle, EHD technology pulls ink through electromagnetic induction outside the nozzle. Applying EHD technology enables printing with greater precision than before.

Njet’s EHD technology boasts a printing resolution at the 1-micrometer level and excels in printing high-viscosity inks. Additionally, Njet developed its own iEHD technology, an advancement of EHD, which solves the ink degradation problem of conventional EHD technology and expands the single EHD nozzle to a multi-nozzle system.

Currently, the company holds 79 registered patents and 24 patent applications worldwide, including Korea, the U.S., and China, totaling 103 intellectual property rights related to the core EHD technology. In May, it also obtained New Excellent Technology (NET) certification.

Fields where EHD technology is currently applied include micro LED and smartphone display processes. In the micro LED sector, Njet’s technology is used in chip repair composite machines, and in smartphone displays, it is applied in light leakage prevention processes.

The main client is Samsung Display, accounting for 82% of Njet’s total sales in the first half of this year. Njet supplies the eNPM module, an EHD inkjet printer component, to Samsung Display’s post-process ELB.

As EHD technology is applied in various areas within the display industry, Njet’s performance has started to materialize since last year. It recorded sales of 10 billion KRW and operating profit of 1.8 billion KRW last year, turning profitable.

The net loss of 29.9 billion KRW was due to temporary financial costs reflected from the conversion of previously issued redeemable convertible preferred shares (RCPS) into common stock. In the first half of this year, Njet posted sales of 11.5 billion KRW, operating profit of 3 billion KRW, and net profit of 2.6 billion KRW, surpassing last year’s full-year results.

Utilizing the increase in performance and the special technology listing for SoBuJang, Njet calculated its desired public offering price by discounting future expected earnings. Njet applied an average price-to-earnings ratio (PER) of 16 times from comparable companies, discounted the expected net profits for 2023 and 2024 to present value, and applied 12.5 billion KRW as net profit. Accordingly, the desired public offering price was calculated between 12,000 and 15,200 KRW. The expected market capitalization after listing is approximately 126.2 billion KRW.

Do-young Byun, CEO of Njet, stated, “Njet is a company leading changes in manufacturing processes in displays, semiconductors, and bio industries based on ultra-precision printed electronics technology. Although printed electronics technology is still an unfamiliar concept to the public, we will take the lead in the paradigm shift of the 4th industrial manufacturing process and demonstrate that we possess key technologies of the 4th industrial revolution.”

Meanwhile, Njet plans to offer a total of 2.1 million shares. The expected public offering amount ranges from 25.2 billion to 31.9 billion KRW. Demand forecasting will be conducted on the 3rd and 4th, followed by general subscription on the 9th and 10th. The KOSDAQ listing is scheduled for the 18th, with Mirae Asset Securities as the lead manager.

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