Chaevi, Korea's largest rapid EV charging operator with 5,900 stations, launches its KOSDAQ IPO subscription on April 20-21, 2026. The price band is set at 12,300-15,300 KRW, targeting up to 153 billion KRW in proceeds.
The company presents a paradox: major players like LG Electronics, Hanwha Solutions, and SK Networks exited the EV charging business over the past three years, yet Chaevi is aggressively raising capital in this space.
Key financials: 2024 revenue of 85 billion KRW with operating losses of 27.5 billion KRW. However, EBITDA losses are narrowing consistently: -15.1B to -12.9B to -10.1B over three years, signaling improving cash economics.
Growth catalyst: Overseas revenue CAGR of 218.3% (2022-2024), with international expansion becoming the main growth axis as domestic EV adoption enters a plateau.
Risk factors: The 3-month put-back right at 90% of IPO price acts as downside protection but could create selling pressure immediately after listing.
Demand forecast runs April 10-16, with institutional participation serving as the key signal for final pricing.
For the full analysis in Korean, visit Snakestock.
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