DTS launches IPO bid, touts rapid growth through new businesses such as AI data center cooling

[Financial News] “After listing, we will further strengthen the order base for our core businesses and gradually expand new businesses such as AI data center cooling and ORC (Organic Rankine Cycle), accelerating our growth in the global energy infrastructure market.”
DTS CEO Kim Jung-il held an IPO press briefing in Yeouido, Seoul, on the 8th, unveiling the company’s growth strategy and business vision following its KOSDAQ listing. DTS designs and manufactures AFCs (air-cooled heat exchangers) and ACCs (air-cooled condensers) for large energy plants, including liquefied natural gas (LNG) liquefaction facilities, oil refining and petrochemical plants, and combined-cycle power plants. As of the end of the first half of this year, it had carried out a cumulative total of 284 projects in more than 30 countries and was registered in the partner supply chains of 15 of the world’s top 20 EPC (engineering, procurement and construction) companies.
At AI data centers, the large-scale deployment of high-performance GPUs is driving a sharp rise in power consumption and heat generation. As a result, liquid cooling—which directly removes heat from inside servers using coolant and other fluids—is becoming more widespread, and dry coolers, which release heat generated during the cooling process to the outside, are also emerging as essential equipment.
DTS plans to enter the market by leveraging the thermal design technology and ultra-low-noise design capabilities it has developed in its existing plant business. Since noise is as important as cooling efficiency at urban data centers, the company is touting as a competitive advantage its low-noise technology, built up through designing and manufacturing large heat exchangers for plants.
CEO Kim explained, “With global data center projects still in the planning and order-placement stages, the market is expected to open in earnest in 2029. Before then, we will build demonstration facilities and expand cooperation with customers to establish a track record in the early market.”
DTS’s revenue rose about 88%, from 75.8 billion won in 2023 to 142.7 billion won in 2025. In the first half of this year, it posted revenue of 79.1 billion won and operating profit of 15 billion won, up 26.2% and 42.9%, respectively, from the same period a year earlier. Its operating margin was 19.0%.
New orders for energy plants also increased, from 41 billion won in 2023 to 114.6 billion won in 2025. The company said its order backlog stood at 129.3 billion won at the end of the first half of this year, indicating that it has secured a stable revenue base in its existing business.
All 2,228,917 shares in the offering are newly issued, and the indicative offering price is 17,000–18,500 won per share. The expected proceeds are about 37.9–41.2 billion won. The proceeds will be used for direct project costs, investment in production facilities, and the development of new growth technologies, among other things.

[email protected] Kang Jung-mo Reporter