[Edaily Reporter Shin Ha-yeon ] DTS, a total heat exchanger solutions provider backed by SBI Investment KOREA Co., Ltd.(019550), has passed the Korea Exchange’s preliminary review for a KOSDAQ listing and has officially begun its initial public offering (IPO) process.

According to SBI Investment KOREA Co., Ltd. on the 23rd, TSE CO.,Ltd. cleared a major hurdle toward its KOSDAQ listing after being granted an exemption from the dual-listing review. TSE CO.,Ltd. is the second portfolio company of SBI Investment KOREA Co., Ltd. to pass the preliminary listing review this year, following Nearslab, an AI-powered autonomous drone company.

SBI Investment KOREA Co., Ltd. invested in TSE CO.,Ltd. last August. At the time, the firm decided to invest based on the expectation that the energy infrastructure market would enter a phase of long-term growth, driven by rising power demand resulting from the expansion of AI data centers and increased investment in liquefied natural gas (LNG) and combined-cycle power generation infrastructure.

According to the company, key investment factors included TSE CO.,Ltd.’s product competitiveness, high technological barriers to entry, experience in executing global projects, and stable profitability. Headquartered in Gunsan, North Jeolla Province, TSE CO.,Ltd. is part of SBI Investment KOREA Co., Ltd.’s portfolio, which has consistently invested in growing companies outside the Seoul metropolitan area, such as INNOTECH Co.,Ltd., Green Optics Co.,Ltd., and NBR Motion Co., Ltd.

TSE CO.,Ltd primarily manufactures air-cooled heat exchangers (AFC) and air-cooled condensers (ACC), supplying its products to LNG, refining, petrochemical, and power generation projects undertaken by global EPC firms. The company has introduced AI-based welding robots into its production processes and is expanding its business into eco-friendly energy sectors, including waste heat recovery power generation systems, carbon capture facilities, and hydrogen plants.

Last year, the company recorded revenue of 142.7 billion won and an operating profit of 25.1 billion won, with an order backlog of approximately 144.3 billion won as of the end of last year.

An SBI Investment KOREA Co., Ltd. official stated, “Passing this preliminary listing review is highly significant as it represents an investment case where we proactively identified changes in the global energy industry and discovered a company with strong technological competitiveness,” adding, “We plan to continue investing in companies that create new demand through differentiated technologies.”

Meanwhile, SBI Investment KOREA Co., Ltd., a leading domestic venture capital firm with 39 years of experience since its establishment in 1986, currently manages approximately 1.5 trillion won in assets through 26 funds and is expanding its investment portfolio with a focus on growth industries such as AI and deep tech, bio and healthcare, and semiconductors and advanced manufacturing.