Initial Thoughts on the DN Solutions IPO

• DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6 trillion won.

• DN Solutions' revenue and operating profit increased at CAGR of 19.9% and 62.2%, respectively from 2020 to 2023.

• Currently, the largest shareholder of DN Solutions is GMT Holdings which has a 90.32% stake. DN Automotive (007340 KS) owns a 100% stake in GMT Holdings.

DN Solutions, which is planning to complete its IPO this year, is expected to be one of the largest IPOs in Korea in 2025. Local media have mentioned the estimated value of DN Solutions has been mentioned to be about 5 trillion won to 6 trillion won as of 4Q 2024.

DN Solutions Company Background and Ownership

DN Solutions, previously known as Doosan Machine Tools, specializes in advanced manufacturing solutions. DN Solutions delivers innovative and precise products for industries such as automotive, aerospace, energy, and healthcare. Its portfolio includes CNC turning centers, multi-axis machining centers, and double-column machines, designed for high rigidity and productivity​.

DN Solutions is a machine tool manufacturer that ranks first in the domestic machine tool market and third globally in the metal cutting machine market. DN Solutions makes about 500 different types of machine tools including turning centers to machining centers and boring mills. The company supplies these products to automotive, aviation, medical and semi-conductor companies. It derives the majority of its sales from exports.