DTS, a company specializing in industrial heat exchangers, listed on the KOSDAQ market on the 23rd. As of 9 a.m., the stock was trading at 30,500 won, up 64.86% from the final offer price of 18,500 won.

■ Final Offer Price Set at Top of Range… Offering Worth About 41.2 Billion Won

DTS's final offer price was set at 18,500 won, the top of the hoped-for price band of 17,000 to 18,500 won. The total number of shares offered is 2,228,917, with the offering valued at approximately 41.2 billion won.

The institutional demand forecasting recorded a competition ratio of 983.98 to 1. Public subscription was held from the 13th to the 14th through Daishin Securities and Eugene Investment & Securities, with the general subscription allocation presented in the range of 557,230 to 668,676 shares.

■ Daishin Securities' Subscription Applications About 7.5 Times Eugene's

Daishin Securities' final overall subscription competition ratio was 998.41 to 1, with a proportional allocation competition ratio of 1,996.83 to 1. The number of subscription applications totaled 212,596.

Eugene Investment & Securities recorded a final overall competition ratio of 883.66 to 1 and a proportional allocation ratio of 1,767.32 to 1, with 28,463 subscription applications.

Combined, the two brokerages received 241,059 subscription applications. Daishin Securities received about 7.5 times more applications than Eugene Investment & Securities. However, since allocated volumes and subscription conditions differ by brokerage, application counts alone make it difficult to directly compare the strength of investment demand.

■ Orders via EPC Account for Over 90% of Annual Total

DTS designs and manufactures industrial heat exchangers used in petroleum, chemical, and power plants. It operates an integrated business system covering product sales through after-sales service.

Sales channels are divided into orders through EPC (engineering, procurement, and construction) companies and direct contracts with end users. Of these, orders via EPC companies account for more than 90% of annual total orders. The company signs contracts with EPC firms for new plant construction and existing facility expansion projects, then supplies heat exchangers.

In Korea, DTS partners with major construction companies including Samsung E&A, GS E&C, Hyundai E&C, and Hyundai Engineering. Overseas partners include Technip Energies of France, Técnicas Reunidas of Spain, Saipem and Tecnimont of Italy, and JGC and Chiyoda of Japan; McDermott and Petrofac are also among the overseas EPC partners named by the company.

EPC projects involve multiple stages, from specification review in the initial design phase to quotation submission, technical consultation, production, and delivery. DTS's core business is designing and manufacturing heat exchangers tailored to each customer's facility conditions. Through its Sales Division 1, which oversees integrated domestic and international operations, and Sales Division 2, responsible for new business development, the company pursues responsiveness to existing markets and business diversification.

■ Key Points to Watch After Listing

DTS filed for preliminary listing review last September and received approval in July this year. It conducted institutional demand forecasting from the 1st to the 8th of this month, and after public subscription and payment procedures, began trading on the KOSDAQ market on the 23rd.

Going forward, the order structure of the industrial heat exchanger business, partnerships with key EPC clients, and new business expansion strategies are expected to be major factors in evaluating the company's value. However, a high subscription competition ratio does not guarantee a post-listing rise in the share price.

[This article is provided for informational purposes as investment reference material and does not recommend buying or selling any specific stock. Circumstances may vary depending on market conditions. Investment decisions and any resulting responsibility rest with the investor. AI assisted in part.]