UPDATED. 2024-07-12 07:53 (금)
Dowoo Insys to go public next year
Dowoo Insys to go public next year
  • JY Han
  • 승인 2024.06.17 07:51
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UTG maker’s ownership changed to New Power Plasma from Samsung Display earlier this year
Image: Samsung Display
Samsung Display's foldable OLED panels use Dowoo Insys' UTGs as covers. Image: Samsung Display

Ultra-thin glass (UTG) maker Dowoo Insys is planning to list on the Korean Exchange next year.

Company CEO Lee Jae-gyu, told TheElec on Friday that Dowoo Insys will file for the preliminary review to go public to financial authorities in the summer.

Kiwoom Securities is underwriting the deal. The securities firm also underwrote the listing of New Power Plasma, the parent company of Dowoo Insys.

New Power Plasma announced late last year that it would buy 4.69 million shares of Dowoo Insys for 129.9 billion won from New Technology Investment Associations run by Samsung Venture Investment. It said at the time that it would buy normal shares from SVIC 29 and SVIC 48; it would buy convertible bonds from SVIC 40 and SVIC 55. These associations received their funding mostly directly from Samsung Display.

This meant that Dowoo Insys’ ownership was changing hands from Samsung Display to New Power Plasma.

Under the deal, New Power Plasma paid a contract fee of 5.2 billion won last year and a middle payment of 46.4 billion in January to acquire 1.86 million shares out of the total that it vouched for, becoming the largest shareholder of Dowoo Insys. The remaining 78.3 billion won will be paid in November this year, which will result in New Power Plasma owning mid-50% shares of Dowoo Insys.

The UTG maker was founded in March 2010 and its main customer has been Samsung Display. It provides the UTG used in foldable OLED displays to the display maker, which in terms supplies to displays to its parent company Samsung Electronics and other smartphone makers for their foldable phones. Samsung’s Z Fold series uses Dowoo Insys’ UTG. 

According to TrendForce, worldwide foldable phone shipment is expected to increase to 25.2 million this year from last year’s 18.3 million. The analyst firm expected shipment to increase to 70 million units in 2027. Foldable phones account for only 1.6% of the smartphone market but this will increase to 5%, according to TrendForce.

This kind of growth will likely need  Apple to enter the market. Cupertino has been in talks with its suppliers in South Korea to measure the pros and cons of foldable devices, sources said.

Dowoo Insys CEO Lee, who became CEO in February this year and was previously the head of Samsung Display Vietnam and president of Samsung Corning Advanced Glass, said Dowoo Insys’ factories in Vietnam and Cheongju, South Korea, were to operate at full capacity, the company’s revenue would jump 1.5 times.

Last year, the UTG maker recorded 95 billion won in revenue and 7.8 billion won in operating profit, an increase of 6.4% and a drop of 31%, respectively, from 2022.

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