Battery inspection equipment maker Nsys said in its filings for its IPO on KOSDAQ that it was aiming for annual sales of 50 billion won in 2021.
The company has so far showed exponential growth by offering machine vision inspection equipment for each battery production process, the company said in its filings.
50 billion won will be a 57.2% increase from its 2019 sales of 31.8 billion won. In 2020, the company has accumulated 28.8 billion won in sales up to the third quarter. It is expected to record around 33 billion won in annual sales for the year.
Nsys was founded in 2006. Initially, it focused on offering multi system and vertical multi-joint robots to used in plasma display panel production. But starting in 2014, it began expanding its supply of battery inspection equipment.
The company’s inspection equipment is offered for the electrode, assembly, formation and module processes in battery production. It can offer turn-key solution for nearly all processes except the pack process.
Its equipment uses machine vision to inspect the surface of electrodes, the location of coating, the width of jelly rolls, tab welding statuses and the overall look of the batteries. It has 30 different kinds of inspection equipment that can be used for each process.
Nsys was also developing inspection equipment for solid-state batteries.
The company is currently supplying its kits to LG Energy Solution, SK Innovation and Samsung SDI. It has long ties with Samsung SDI, which it has previously supplied equipment for plasma display panel production. Nsys has around 10 inspection equipment that can used for the production of prismatic batteries, Samsung SDI’s main battery offered for electric vehicles. LG and SK manufacturers pouch batteries instead.
Nsys’ competitors include DIT, Nexstar, Innometry, Favis, Intekplus, Viewon and Shinryong. DIT, Innometry and Intekplus are listed companies. However, unlike Nsys, they can not offer turn-key solutions for the whole battery production process.
Nsys is aiming to secure 37.9 billion won from its listing. It is offering 2.3 million shares; it is asking for a price of 13,000 won to 16,500 won per share. It will commence its demand forecast from institutional investors from March 16 to 17. Retail orders will start on March 22. It will list on April. Mirae Asset Daewoo is underwriting the deal.