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South Korea’s DN Solutions Said to Seek About $1 Billion in Seoul IPO

(Bloomberg) -- South Korean machinery maker DN Solutions Co. is seeking $800 million to $1 billion in an initial public offering in Seoul, people familiar with the matter said, in what could be the country’s largest such deal this year.

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A prospectus may be filed as soon as this week, paving the way for the company and bankers to kick off investor meetings to gauge demand, the people said, asking not to be named because they weren’t authorized to speak publicly.

Deliberations are ongoing, and the size and timing of the deal may change, the people added. DN Solutions declined to comment.

The high end of the offering would surpass that of technology-services firm LG CNS Co.’s IPO, which raised 1.2 trillion won ($826 million) earlier this year and was the biggest Korean listing since 2022. Korean IPOs raised about 4.5 trillion won last year, up 11% from the previous year but down 78% from 2021, according to data compiled by Bloomberg.

Private equity fund MBK Partners Ltd. sold DN Solutions, which was previously called Doosan Machine Tools Co., to DN Automotive Corp. in 2022. The company, which has been operating since 1976, makes various machine tools for customers ranging from Boeing Co. to Caterpillar Inc. and Samsung Electronics Co., according to its website.

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