AION заключила контракт на выполнение основной андеррайтинговой работы при первичном публичном размещении (IPO) с Shinhan Investment & Securities

AION, leading EPC (engineering, procurement, construction) and SI (system integration) company for AI data center infrastructure, signed a contract to serve as the IPO lead underwriter with Shinhan Investment & Securities on July 23, the company said on July 24. The partnership aims to list on KOSDAQ in the second half of next year: official due diligence and preparation for internal controls are expected to begin. In 2023–2024, AION transformed from a basic UPS equipment distributor into an integrated high-value AI data center infrastructure provider, enabling “turnkey” delivery capabilities for the high-capacity power supply and high-efficiency cooling infrastructure required for high-density AI data centers. The domestic market for data center infrastructure in South Korea is expected to grow threefold—to approximately KRW 24 trillion over the next five years. It is designated as one of the country’s three megaprojects for national development.

AION Transforms Business Model from Equipment Distribution to Integrated Infrastructure

AION completed its strategic shift in 2023 and 2024—moving from basic UPS equipment distribution—and has become an engineering-led integrated infrastructure company for high-value AI data centers since the previous year. The company secured EPC and SI capabilities to provide “turnkey” delivery of high-capacity power supply and high-efficiency cooling infrastructure required for high-density AI data centers. AION serves as Vertiv’s official partner domestically. Vertiv is a global leader in power and cooling infrastructure. Vertiv has established itself as a key partner for NVIDIA’s next-generation AI architecture and liquid cooling solutions. AION positions itself as a key construction infrastructure partner in the domestic NVIDIA-Vertiv supply chain.

Company Secures 32 Core Patents and Domestic UPS Production

AION holds 32 key patents related to data centers, including high-speed UPS switching technologies and energy conversion. Based on these patents, the company successfully established domestic UPS production. UPS products manufactured locally received major certifications, including NEP (New Excellent Product), NET (New Excellent Technology), and a designation for procurement excellence. These certifications bring strong preferential benefits in public and commercial data center procurement and provide competitive advantages in the domestic market. AION has secured long-term supply contracts with major strategic clients. The company has recently completed a contract to supply a BPU (Battery Protection Unit) through an affiliated entity, L Group. As of July, the order backlog exceeded KRW 140 billion. AION is actively expanding its production capacity, including by purchasing a second factory to meet large-scale orders.

AION Projects KRW 99 Billion Revenue for 2024

AION’s financial performance shows an upward trajectory. Revenue increased from KRW 48.2 billion last year to an expected KRW 99 billion this year. The company aims to reach KRW 500 billion in revenue by 2030.

Shinhan Investment & Securities Establishes Dedicated Task Force

Shinhan Investment & Securities, selected as the IPO lead underwriter, assessed AION’s history of rapid growth and strong exposure to AI data centers. Shinhan Investment & Securities served as co-underwriter for LG CNS and successfully handled IPOs for APR and HD Hyundai Marine Solution. The firm formed a dedicated strategic task force that works exclusively on AION. Kang Seung-ho, CEO of AION, said the company will complete a successful listing in cooperation with Shinhan Investment & Securities, which has top-tier performance in major deals and strong domestic and international institutional and retail networks. A representative from Shinhan Investment & Securities noted that AION already fully meets the criteria to enter the group of high-value companies thanks to a combination of its own production localization technology for UPS, high technical barriers, and an exclusive status based on Vertiv solutions. The representative added that Shinhan Financial Group will mobilize its PWM (Private Wealth Management) channels and sales infrastructure for funds to foreign investors to provide comprehensive responsible support, enabling AION to earn maximum recognition of its value.

FAQ

What did AION announce on July 24?
On July 24, AION announced that it signed a contract to serve as the IPO lead underwriter with Shinhan Investment & Securities on July 23, targeting a KOSDAQ listing in the second half of next year.

What is AION’s order backlog as of July?
As of July, AION’s order backlog exceeded KRW 140 billion, according to the company’s announcement.

What revenue does AION forecast for this year and for 2030?
AION forecasts revenue of KRW 99 billion for this year—up from KRW 48.2 billion last year—and targets KRW 500 billion by 2030.