Venus (CEO Changseong Kim) held an IPO press conference in Yeouido, Seoul on the 6th and announced its growth strategy after listing on KOSDAQ.
The total number of shares offered by Venus is 1.7 million, the desired offering price per share is 7,500 to 8,500 won, and the total offering amount is 12.8 billion to 14.5 billion won. After confirming the offering price through institutional demand forecasting from February 4 to February 10, subscriptions will be held for general investors on February 13 and 14, and the company plans to enter the KOSDAQ market on February 24. The lead manager is Mirae Asset Securities.
Founded in 2004, Venus is a specialized company in wiring systems that develops and supplies wiring devices such as switches, outlets, multi-taps, and circuit breakers. With 45 years of experience and diverse technologies, it has developed multi-taps and outlets with automatic fire extinguishing functions and tracking fire prevention, as well as condensation prevention outlets with enhanced waterproofing functions.
Unlike existing products in the market, Venus has quickly entered the market by prioritizing product safety and increasing customer convenience by designing the product to block standby power.
In particular, by building a smart factory, we have reduced costs and increased production efficiency, and secured molding technology, etc. to vertically integrate the entire process from product design to production, supply, and service, thereby building a business model that can quickly respond to market changes and secure high profitability.
In addition to its existing business of wiring devices, Venus is also pursuing new businesses that incorporate new technologies such as energy harvesting. Previously, wiring and piping work were required when installing lights in a building, but Venus has developed a self-powered wireless switch that does not require electrical wiring work or batteries by utilizing energy harvesting technology, and has also secured a patent for it.
Recently, the number of buildings utilizing modular construction methods has been increasing, and the remodeling market is also growing, so the demand for wireless switches is expected to increase. Venus announced that it will focus on securing orders based on its reference of supplying wireless switches to domestic construction companies.
In addition, Venus has recently entered the electric vehicle charger market and is expanding its supply base with products that enhance safety. It is discussing orders based on its existing construction company network, and is currently planning to supply electric vehicle charging outlets to apartments scheduled for sale through an MOU with a domestic construction company.
Venus's competitiveness lies in its high profitability in addition to its unrivaled technological prowess and product capabilities. In 2023, sales were 27.6 billion won, operating profit was 3.45 billion won, and operating profit margin was 12.5%. In the third quarter of 2024, sales were 19.7 billion won, operating profit was 2.1 billion won, and operating profit margin was 10.7%, maintaining double digits.
The company forecasted that although the construction market has not yet fully recovered, it will be able to maintain stable growth as there is demand for smart wiring replacement due to aging, and demand for multi-outlets is also expected to increase due to the increase in power-consuming products resulting from the development of artificial intelligence (AI).
In particular, the company is expecting external growth through entry into new businesses such as wireless switches and electric vehicle chargers, and it said that it will be able to accelerate its entry into overseas markets as it is pushing forward with full-scale exports not only to Southeast Asian markets but also to Europe.
“Since our establishment, we have focused on the development and production of wiring devices with safety as our top priority,” said Venus CEO Kim Chang-seong. “Based on the technological prowess and sales capabilities we have accumulated over a long period of time, we plan to successfully advance into the global market beyond the domestic market.”
He added, “We promise to continue to do our best in product development and production as we have always placed the highest priority on consumer safety and convenience, and we will create a company that can grow corporate value through stable performance and external expansion.”
The funds raised through the listing will be used to acquire the business of manufacturers of raw materials such as copper and wires, develop electric vehicle charger circuits, expand the automated production line for wiring devices, and develop products for export.
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