DTS Submits Securities Registration Statement... Institutional Bookbuilding Set for Next Month

On September 14, DTS, a total heat exchanger solutions provider, announced that it has submitted a securities registration statement to the Financial Services Commission, initiating the public offering process for its KOSDAQ listing.

The total number of shares to be offered by DTS is 2,228,917, with an indicative price range between 17,000 and 18,500 won. The total expected amount to be raised is between 37.9 billion and 41.2 billion won. Bookbuilding for institutional investors will take place from October 1 to 8, and the public subscription will be held on October 13 and 14. The lead manager for the listing is Daishin Securities.

Founded in 2000, DTS specializes in the design and manufacturing of air-cooled heat exchangers used in power generation, liquefied natural gas (LNG), and petrochemical plants. Its main products include AFCs, which cool process gases and liquids using outside air, and ACCs, which condense steam from turbines back into water for power generation.

The company’s core competitiveness lies in its proprietary thermal design technology, which optimizes heat exchange performance according to the operating conditions of each plant. By combining fin technology that enhances heat transfer efficiency with ultra-low noise design and large-scale manufacturing capabilities, DTS can meet performance, noise, and installation requirements for each project.

Leveraging these capabilities, DTS continues to transact with global engineering, procurement, and construction (EPC) companies. As of the end of June, the company had executed a total of 284 projects across over 30 countries and established a supply track record with 15 out of the world’s top 20 EPC firms. DTS has received repeat orders up to 27 times from the same end clients and up to 15 times from the same EPC partner.

On a separate basis, the company’s revenue increased from 75.8 billion won in 2023 to 142.7 billion won in 2025. During the same period, operating profit grew from 13.3 billion won to 25.1 billion won, and the operating margin for 2025 stood at 17.6%. For the first half of this year, revenue and operating profit were 79.1 billion won and 15.0 billion won, respectively, representing year-on-year increases of 26.2% and 42.9%. As of the end of the half year, the company's order backlog stood at 129.3 billion won.

DTS is also preparing to enter the dry cooler market, which involves cooling water with outside air, in response to higher data center density and the growing prevalence of liquid cooling. The company is also responding to infrastructure investment driven by increased power demand at AI data centers and industrial facilities, and it is currently manufacturing an automatic flow control (AFC) system for the Gains·Tolk power project in the United States.

In the low-carbon energy sector, DTS is pursuing a business in organic Rankine cycle (ORC) power generation systems that use waste heat and geothermal heat to generate electricity. The company has already secured a commercial supply contract for a 1.5 MW-class ORC system.

Jungil Kim, CEO of DTS, stated, "Through this IPO, we will invest in production facilities and new businesses, and leverage the technology and supply experience we have accumulated in energy plants to expand into the AI infrastructure and low-carbon energy markets, aiming to become a leading global heat solutions provider."

This content was produced with the assistance of AI translation services.