Dukyang Energen said on Monday it has fixed its initial public offering price at 10,000 won, the top of its 8,500 to 10,000 won range, ahead of a KOSDAQ listing. A total of 2,324 domestic and overseas institutions took part in bookbuilding held from Jan. 12 to 16. The competition rate was 650.14 to 1, and 100 percent of participating institutions offered prices at or above the top of the range.

At the fixed offer price, the expected market value is 248.1 billion won. The retail subscription runs for 2 days on Monday and Tuesday through Mirae Asset Securities and NH Investment & Securities. The listing is scheduled for Jan. 30.

Dukyang Energen is an industrial hydrogen production company established in 2020. Based on its hydrogen production plant EPC capabilities, it provides tailored total solutions through byproduct hydrogen and reformed hydrogen production methods. It has secured multiple raw material suppliers and customers, enabling stable supply and demand. It said most of its byproduct hydrogen sources use the CA (Chlor-Alkali) method, giving it competitiveness in securing raw materials.

An official at the underwriter said expectations for the hydrogen industry as a clean energy source, along with Dukyang Energen's ability to generate stable profits and its proof of technology and growth potential through the Shaheen Project, are seen as having had a positive impact on the strong demand in bookbuilding.

Dukyang Energen plans to expand its tube trailer business base, centered on the Ulsan area. It was selected as the sole hydrogen supplier for the Shaheen Project being promoted through K&D Energen, a joint venture it established with Kukdong Oil & Chemicals. It will begin full-scale supply from August this year.

Chief Executive Kim Gi-cheol said he sincerely thanks investors for highly evaluating the hydrogen industry's potential for development and the company's technology and business viability. He said the company will steadily carry out its projects, including the Shaheen Project, to grow into a global top-tier hydrogen company.