ESOL, a semiconductor equipment company that has commercially deployed extreme ultraviolet (EUV) equipment—the only such domestically developed system in Korea—is preparing for a KOSDAQ listing.
The company has successfully localized photomask verification equipment used in semiconductor lithography processes. Photomasks are quartz or glass plates used to etch microscopic patterns onto semiconductor wafers.
According to investment banking sources on December 9, ESOL recently distributed requests for proposals (RFPs) to multiple domestic securities firms and has begun IPO preparations.
ESOL was founded in 2018 by CEO Kim Byung-kook, a former Samsung Electronics semiconductor research center executive. The company developed EUV equipment that performs final verification of photomask defects.
After becoming the first in Korea to secure EUV light source technology and successfully commercialize products, ESOL recently completed a 74 billion won Series B funding round. Investors included Korea Development Bank, InterVest, Mirae Asset Venture Investment, Yuanta Investment, DSC Investment, and Quantum Ventures.
EUV equipment is divided into two categories: lithography systems that draw circuits on wafers, and verification equipment that inspects photomask defects. Dutch company ASML holds a virtual monopoly on lithography systems, while Japan's Lasertec and Germany's Carl Zeiss dominate defect inspection equipment.
ESOL developed "SREM," a final photomask defect verification system, and supplied it to Samsung Electronics (005930.KS). The company has also successfully commercialized its next-generation product, "FREM." Recently, ESOL signed a FREM supply contract with a Japanese photomask manufacturer. The company reportedly won a competitive bid against Carl Zeiss after undergoing more than a year of performance evaluation during the contract process.
Semiconductor materials, parts, and equipment companies have been listing on the stock market in succession recently. Industry observers attribute this to strengthened competitiveness in the supply chain sector as domestic semiconductor manufacturers increase their use of locally produced products to reduce supply chain risks.
Innotech, which develops and produces semiconductor defect inspection equipment, attracted 7.85 trillion won in subscription deposits in its public offering and listed in November. CMTX, a semiconductor materials and components company, completed its IPO after receiving 13.86 trillion won in subscription deposits—the largest among KOSDAQ IPOs this year.
"As Samsung Electronics and SK hynix (000660.KS) increase their adoption rates of domestic products, the number of competitive materials, parts, and equipment companies has grown," an investment banking industry official said. "With large-scale domestic capital investments planned, more companies will likely pursue IPOs to secure funding preemptively."
