Chaevi Co., South Korea’s top operator of electric vehicle rapid charging infrastructure, said on Tuesday it has filed a preliminary application to list on the Kosdaq, setting the stage for a high-profile IPO on the country’s junior stock market.
The company is targeting a valuation of over 1 trillion won ($720 million), a figure floated in 2024 when it selected its IPO underwriters.
The estimate more than doubles the 460 billion won valuation put forward in 2023 by STIC Investments Inc. and KB Asset Management, which invested a combined 120 billion won in the startup.
Founded in 2016, Chaevi is seeking to fast-track its stock market debut under the country’s so-called “Tesla Rule,” which allows high-tech firms to go public despite not yet posting a profit.
In 2024, the company racked up an operating loss of 2.6 billion won on sales of 85.1 billion won. It plans to use the IPO proceeds to expand abroad and scale domestic operations.
Chaevi is the only company in South Korea that offers end-to-end services from manufacturing to installation, operation and maintenance of EV chargers.
It operates more than 5,700 rapid charging ports nationwide as the top player in the country’s public and private-sector fast charging infrastructure for EVs.
KB Securities Co. and Samsung Securities Co. are lead underwriters of the IPO, while Daishin Securities Co. and Hana Securities Co. are joint bookrunners.
Its IPO application comes less than a week after SemiFive Inc. a designer of semiconductor integrated circuits, submitted a preliminary application for a Kosdaq listing. It is also aiming for a fast-track listing.
In 2024, the company raked in its largest-ever sales of 111.8 billion won. But it remained in the red for a fifth straight year, posting an operating loss of 22.9 billion won.
By Seok-Cheol Choi
dolsoi@hankyung.com
Yeonhee Kim edited this article.
