“A leap forward as a global aerospace company”... Hana Aerodynamics knocks on KOSDAQ (Korea Securities Dealers Automated Quotations)’s door

[Financial News] “Using the listing as a springboard, we will expand our production infrastructure and broaden our business into composites, space and unmanned aircraft, taking a leap forward as a global, full-service aerospace manufacturer.”
Hana Aerodynamics CEO Son Chang-hwan held an IPO press conference in Yeouido, Seoul, on the 5th, where he shared these ambitions.
Founded in 2007, Hana Aerodynamics is an aircraft manufacturing specialist that handles everything from designing the jigs and fixtures needed to build aircraft to producing precision parts and assembling airframe structures. It expanded its structural assembly business by acquiring Daeshin Aviation Industry in 2022, and currently supplies aircraft parts and structures to Korea Aerospace Industries (KAI) and global helicopter manufacturer Bell, among others.
Its core competitive strength is an integrated production system that handles everything in-house, from tooling design and manufacturing to parts machining and structural assembly. The company manufactures the tooling that determines the precision of aircraft assembly and uses it in parts production and assembly. In particular, it has developed the capability to produce large-scale tooling measuring up to 28 meters in length with a tolerance of around ±0.25 mm.
The company is also expanding its partnerships with overseas customers. After signing a direct export contract with Bell in 2023, it began supplying four types of fuselage structures the following year, including the tail boom of the Bell 412 helicopter. Revenue related to the Bell 412 accounted for 26.4% of total revenue in the first half of this year.
The company is also seeing growth in its performance. Hana Aerodynamics’ revenue rose from 14.5 billion won in 2023 to 33.2 billion won last year. Operating profit increased over the same period from 700 million won to 4.9 billion won. In the first half of this year, it posted revenue of 20.5 billion won and operating profit of 4.8 billion won, with an operating margin of 23.5%.
After its listing, Hana Aerodynamics plans to expand its business, focusing on large sheet-metal parts production, composites, space and unmanned aircraft. It plans to allocate the offering proceeds as follows: 10.05 billion won to establish large sheet-metal forming facilities, 2.04 billion won to heat-treatment and finishing facilities, and 8.19 billion won to a new factory and other facilities. In September, it also moved to enter the unmanned aircraft market by participating in an MOU on domestic production cooperation for the Mojave short takeoff and landing (STOL) unmanned aircraft, led by Hanwha Aerospace.
Hana Aerodynamics will offer a total of 4.4 million shares in the IPO. The indicative offering price is 4,700–5,700 won per share, putting the total offering at 20.68 billion–25.08 billion won. Bookbuilding for institutional investors began on the 2nd and will run through the 6th.
The general subscription will take place on the 10th and 11th, and the company is targeting a KOSDAQ listing on the 20th of this month. IBK Securities is the lead underwriter.
[email protected] Im Sang-hyeok Reporter