South Korean electric vehicle (EV) charging network operator, Chaevi Company Ltd, announced that it has filed a preliminary application to list its shares on the (Kosdaq) South Korean junior stock exchange, according to local reports.
The company, which has a network of around 5,700 fast charging ports across South Korea, is targeting a valuation of KRW 1 trillion (US$ 725 million) with its initial public offering (IPO). This is more than double the initial KRW 460 billion valuation given to the company during its 2023 funding round, when STIC Investments Inc and KB Asset Management invested a combined KRW 120 billion won.
KB Securities and Samsung Securities are the lead underwriters of the IPO, while Daishin Securities and Hana Securities are joint bookrunners.
Chaevi, established in 2016, reported sales of KRW 85 billion in 2024, and generated an operating loss of KRW 2.6 billion. The company plans to use the proceeds of the IPO to scale up its domestic network and expand into overseas markets.
