[THE INVESTOR] Mercury, a Korean manufacturer of telecommunications equipment, on June 28 said it is preparing to go public on the local stock market this year.
The firm has selected Mirae Asset Daewoo as its lead manager for the initial public offering on the secondary bourse KOSDAQ. Mercury also carried out a capital reduction from 24.1 billion won (US$21.47 million) to 6 billion won to boost the firm’s value.
Mercury`s official website
“Mercury is an ICT firm with great technology, which has played a central role in Korea’s development of telecommunications,” Mercury CEO Lim Chae-byung said in a statement. “We expect to post a 20 percent increase in revenue in the first half of this year in comparison to last year. In the second half, we will focus on developing more network devices and artificial intelligence products, as well as expand into overseas markets.”
Established in 1983, Mercury -- formerly Daewoo Telecom -- specializes in network products, including access point, transmission and satellite equipment, and optical fiber cable. It supplies wireless access point device to major telecommunications operators at home and abroad.
Mercury CEO Lim Chae-byung
In 2008, Mercury became a subsidiary of mobile virtual network operator Eyevision. It is also importing its network products to South and Central America as well as Europe. In addition, it is participating in telecommunications infrastructure projects in Africa, including Rwanda and Gabon.
The firm also rolled out Internet of Things devices, including IoT gateway and smart plug, with ambitions to become a leading player in the segment.
By Ahn Sung-mi (firstname.lastname@example.org)