SKC Corporation (KRX: 011790) is proceeding with a rights offering targeting ~₩828B ($590M), with subscription open May 14-15, 2026. First-round price: ₩70,600/share — a 39.2% discount to the April 26 close of ₩116,100.
Why Absolics? SKC's U.S. subsidiary Absolics is developing glass substrate technology for AI data center chip packaging. AMD and Amazon are reportedly in supply discussions; full-scale production targets H1 2027.
The Competition Is Serious: Intel has invested $1B+ in glass substrate lines; Corning ($16.4B in 2025 revenue) is entering via a $6B Meta supply deal; Samsung Electro-Mechanics is targeting mass production by end-2026.
Key Numbers:
- Dilution: 25.6% (11.73M new shares / 4,580M total)
- Parent SK Corp: 120% oversubscription commitment — strong internal signal
- Q1 2026: EBITDA positive for first time in 10 quarters; revenue +13.4% YoY
- Debt ratio: 230% → ~140% post-offering
My Take: For existing SKC shareholders, the 39.2% discount and SK Corp's 120% commitment make subscription worth considering. Key risk trigger: if stock falls below ₩88,250 by May 11 (second pricing date), recalculate.
For the full analysis in Korean, visit Snakestock.
Top comments (0)