South Korean plating equipment maker TKC, which supplies automation systems for semiconductor packaging and PCB surface treatment, has filed for a preliminary review with the Korea Exchange's KOSDAQ division as part of its planned initial public offering (IPO).

According to the filing submitted on August 12, the company plans to offer 3.82 million shares to the public, with a total of 15.26 million shares expected to be listed. The ratio suggests that existing shareholders may sell a portion of their holdings, since the projected listing volume is lower than what would result from issuing only new shares.

TKC recently completed a 50-to-1 stock split in March, increasing its total shares from 240,218 to 12.01 million. If the IPO offering were entirely new shares, the listing total would have reached at least 15.83 million, implying that around 573,000 shares could come from a secondary sale by existing holders. At an estimated company valuation of 500 billion won, this potential sale could be worth approximately 18.7 billion won.

Despite the likelihood of a secondary offering, founder and CEO Park Yong-soon is expected to retain firm control. As of the end of last year, Park held a 53.84% stake, while affiliated parties owned 37.04%, leaving just 9.12% with other investors.

TKC reported revenue of 89.8 billion won and operating profit of 19.8 billion won in 2024. Samsung Securities is serving as the IPO underwriter. The company has not commented on whether secondary share sales will be included in the final offering structure.