Electric vehicle charging company Chaevi is about to go public on KOSDAQ... Can it become a litmus test for growth?

Next week, the corporate initial public offering (IPO) market will have one major focus: the listing of electric-vehicle charging infrastructure company Chaebi on the Nasdaq. As a charging operator—an industry infrastructure foundation for electric vehicles—enters the stock market, it is expected to serve as a litmus test for judging not only the IPO timetable, but also the growth potential of related industries.

According to a report by joint Infomax on the 25th, Chaebi will be listed on the Nasdaq market on April 29. Founded in 2016, Chaebi is a company that manufactures electric motors and generators, as well as power-conversion, supply, and control equipment. It is reportedly ranked first among domestic operators of fast electric-vehicle charging infrastructure in South Korea. As an electric-vehicle charging infrastructure company, this is also the country’s first IPO case, which makes it particularly noteworthy. The public offering price is 12,300 won, and the listing is jointly underwritten by KB Securities, Samsung Securities, Daishin Securities, and Hana Securities.

However, even though it belongs to a growth-oriented industry, its performance has not yet fully eased the investment burden. Chaebi’s consolidated base sales last year were 85.1 billion won, but its operating loss reached 27.6 billion won. This is tied to the fact that the electric-vehicle charging industry it is in is still in the early stage of expansion, a structure characterized by heavy investment in equipment and operational costs. Once charging infrastructure secures market share, it can establish an earnings base over the long term. But before that, losses are often endured in order to expand the network.

Meanwhile, preparations for IPOs in other industries are also underway in the public offering market. Baby product manufacturing and sales company Poled will conduct demand forecasting from April 22 to 28. Founded in 2019, the company produces baby products such as car safety seats and related accessories. In 2024, it recorded sales of 52.808 billion won and operating profit of 6.2 billion won. The expected public offering price range is between 4,100 won and 5,000 won, and the lead underwriter is NH Investment & Securities. Application software development and supply provider Makinacorps will also conduct demand forecasting from April 28 to May 6. Founded in 2017, Makinacorps’ consolidated base sales last year were 8.3 billion won, and its operating loss was 10.9 billion won. The expected public offering price range is between 12,500 won and 15,000 won, underwritten by Mirae Asset Securities and Hyundai Motor Securities.

The subscription schedule has also been set. Wearable robot specialist Cosmo Robotics will conduct subscriptions by ordinary investors from April 27 to 28, and it plans to make payments on the 30th. Founded in 2016, the company holds wearable-robot technology for medical and rehabilitation use. It is said to be the only domestic company that has obtained both certifications from the U.S. Food and Drug Administration and from the European unified standards certification marking, and it has received licenses in 12 countries worldwide. The company plans, in the future, to expand the application scope of wearable robots from medical and rehabilitation to all fields of daily life.

Judging from this week’s calendar alone, the public offering market is showing a pattern in which different industry segments—such as electric-vehicle charging, baby products, artificial intelligence software, and wearable robots—are simultaneously taking investor evaluations. Especially with companies like Chaebi, which lead with future growth potential, and companies like Poled, which present relatively stable performance, the market is likely to move beyond mere industry buzz and more carefully screen actual profitability and expansion possibilities. This trend likely signals that in the future, the IPO market will not only focus on growth narratives, but will also take into account performance quality and business sustainability.