Doosan Rallies Ahead of Robotics Affiliate’s IPO

By Kwanwoo Jun

Doosan shares rose sharply Monday as its robotics affiliate geared up for an estimated $315 million initial public offering in South Korea.
Shares of the South Korean holding company of Doosan Robotics climbed as much as 30% to 151,800 won in early afternoon trading, on course for a record daily percentage gain and outperforming the benchmark Kospi index’s 0.3% rise.

The rally came as Doosan Robotics, a collaborative robot-arm manufacturer affiliated with the company, began its book-building process. Underwriters will measure investor demand over the next five days before taking orders for Sept. 21-22 for its South Korean listing.
The holding company, which owns 91% of Doosan Robotics, said in an Aug. 23 regulatory filing that the affiliate plans to issue 16.2 million new shares at an initial target between KRW21,000 and KRW26,000 each to raise up to KRW421.20 billion ($315.2 million), valuing the subsidiary at more than KRW1.6 trillion.
Meritz Securities analysts Bae Ki-yeon and Oh Jung-ha said in a research note Monday that they expect Doosan Robotics to make a successful market debut, citing its growth potential and undervalued market capitalization.
The Meritz analysts estimated the company’s value at about KRW1.9 trillion, expecting it to turn a profit in 2026 and continue to grow strongly thereafter.
The projected operating profit margin for Doosan Robotics could widen to 8.7% in 2025, 14% in 2026 and 28.6% in 2027, they said.
Write to Kwanwoo Jun at [email protected]