APR "Aiming to be a Global Beauty Tech Company... Accelerating Overseas Expansion"

First IPO of the Year on the KOSPI Market
Major IPO...Estimated Market Cap Based on Offering Price 1.1 to 1.5 Trillion KRW

"We will not stop at being the number one beauty tech company in Korea; we will actively expand overseas, secure various new technologies, and achieve a quantum leap by establishing an overwhelming competitive edge."

Kim Byung-hoon, CEO of APR, presenting at a corporate briefing held on the 13th at the Conrad Hotel in Yeouido, Seoul. Photo by Yoo Hyun-seok

Kim Byung-hoon, CEO of APR, stated at the IPO press conference held on the 13th in Yeouido, Seoul, "We will accelerate the market penetration of home beauty devices equipped with innovative technology and solidify our position as a global beauty tech company."

APR is a beauty tech company established in 2014. It owns beauty brands such as Mediheal Cube, April Skin, Forment, Glam D Bio, as well as the fashion brand Nuldi. Since 2014, its average annual sales growth rate has reached 157.4%, showing rapid growth. As of the third quarter of last year, cumulative sales and operating profit were 371.8 billion KRW and 69.8 billion KRW, respectively, representing increases of 37.9% and 277.6% compared to the same period the previous year.

The core of this growth is the beauty device brand 'Mediheal Cube AGE-R,' launched in 2021. As of last year, AGE-R has surpassed 1.68 million units sold domestically and internationally. According to global management consulting firm AT Kearney, APR maintained its number one position by expanding its market share in the home beauty device market from 22% in 2022 to 32% in the first half of last year.

One of APR's strengths is exports. As of the third quarter of last year, overseas sales amounted to 138.7 billion KRW, accounting for 37.3% of total sales. The United States accounts for 27% of overseas sales, followed by China (20%), Japan (18%), and Hong Kong (17%). CEO Kim Byung-hoon explained, "Since 2018, we have directly entered the U.S., China, Japan, and other markets, establishing our own distribution networks." He added, "We plan to expand into new markets with high growth potential such as Europe, Southeast Asia, the Middle East, and South America." He also mentioned, "Our goal this year is to be stocked in up to 10,000 stores."

APR plans to enter not only the home beauty device market but also the medical device market. CEO Kim said, "We aim to launch devices for aesthetic shops by the end of the year," and added, "Hospital equipment will require certification and other processes, so we expect to release them next year."

He also expressed confidence in succeeding in the medical device market. Vice President Shin Jae-ha stated, "If we had the same technology as existing competitors, we would not have entered this market," and declared, "We expect to develop products that can achieve an overwhelming competitive edge in customer experience."

Going forward, APR plans to strengthen value chain internalization and technological competitiveness to maintain its reputation as a beauty tech company. In January last year, it opened the 'ADC' (APR Device Center), a specialized R&D center for beauty devices, to secure core technology for beauty devices. Additionally, once the second factory under construction in Pyeongtaek, Gyeonggi Province, begins operation, the annual production volume is expected to increase from 760,000 units in 2023 (including the first factory) to 3.4 million units this year and 8 million units by 2025.

APR is a company attempting to list on the Korea Exchange for the first time this year. The total number of shares offered is 379,000. The expected offering price ranges from 147,000 to 200,000 KRW per share, with a total offering size of 55.7 billion to 75.6 billion KRW, and an estimated market capitalization of 1.1149 trillion to 1.5169 trillion KRW. The proceeds from the offering will mainly be invested in the development of core technologies related to beauty devices and production facilities.

From the 2nd to the 8th of this month, a demand forecast was conducted targeting institutional investors. The offering price will be finalized and announced this afternoon. Public subscription for general investors will take place from the 14th to the 15th of this month. The listing on the Korea Exchange is scheduled for the end of this month. Shinhan Investment Corp. is the lead underwriter, with Hana Securities serving as co-underwriter.

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