T&E Korea, a company specializing in high-speed turbomachinery, saw its stock price rise more than 41% on its first day of trading on the KOSDAQ. Although the price initially doubled the offering price, the gains narrowed in the afternoon.
As of 2:08 PM on October 29, T&E Korea's shares were trading at 21,600 won, up 6,300 won (41.18%) from the offering price of 15,300 won, according to the Korea Exchange.
The stock peaked at 34,500 won shortly after the market opened but later experienced a decrease in its upward momentum.
Investor interest was high during the pre-listing offering process. A total of 2,274 institutions participated in the demand forecast for institutional investors, resulting in a competition ratio of 1,041.02 to 1. The offering price was set at the upper end of the expected range, 15,300 won, which was between 12,600 and 15,300 won. The competition ratio for individual investors was 1,253.39 to 1, with subscription deposits totaling approximately 5.75 trillion won.
Founded in 2014, T&E Korea develops and manufactures high-speed turbomachinery systems based on air bearing and high-speed motor technologies. The company supplies turbo blowers for water treatment facilities and industrial applications, as well as air blowers for hydrogen fuel cell power generation and air compressors for hydrogen vehicles.
Recently, T&E Korea has expanded its business into the solid oxide fuel cell (SOFC) power generation market to meet the rising power demands of AI data centers. The company has signed a supply contract for jointly developed air blowers with a global SOFC firm in the U.S. and has begun mass production this year. Plans are also in place to broaden product applications in the semiconductor and aerospace sectors.
The company's financial performance has improved, with consolidated revenue of 23.5 billion won and an operating loss of 1.8 billion won last year. In the first half of this year, revenue reached 21.11 billion won, with an operating profit of 3.46 billion won, marking a return to profitability. Revenue for the first half increased by 180% compared to the same period last year, with air blowers for hydrogen power generation accounting for 36.1% of total sales.
T&E Korea plans to use the funds raised from this listing for expanding production facilities, research and development (R&D), and repaying debts.
* This article has been translated by AI.
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