This article was posted on the ChosunBiz MoneyMove site at 4:49 p.m. on June 13, 2025.
Duksan Ether City, a manufacturer of large hydrogen containers, is set to go public on the KOSDAQ next year. This is interpreted as being due to a contract made with financial investors (FIs) during Duksan Hi Metal's acquisition of Duksan Ether City. Given the growing government interest in corporate governance, it seems unavoidable that a controversy over duplicate listings will arise.
According to the investment banking (IB) industry on the 13th, Duksan Ether City is internally reported to have set a goal for a listing in the second half of next year. Duksan Hi Metal acquired 91.88% equity in the company from the private equity fund (PEF) operator Ascent PEF for 305 billion won in 2023.
The reason Duksan Ether City is pursuing a listing is due to a contract made with Korea Investment Private Equity (HanTu PE), the PEF operator at the time of acquisition. HanTu PE purchased 77 billion won worth of perpetual bonds issued by the general corporation Sirius Holdings, which acquired Duksan Ether City. If Duksan Ether City does not go public by 2028, the interest structure will increase significantly.
This is Duksan Ether City's second attempt at going public. The current entity, Duksan Ether City, selected Korea Investment & Securities as the main underwriter for its initial public offering (IPO) to recover funds while it was still owned by Ascent PEF back in 2021. However, due to worsening market conditions the following year, it shifted to a sale instead of an IPO.
Korea Investment & Securities, which was in charge of the listing at the time, is also proceeding with refinancing of the acquisition financing used by Duksan Hi Metal when it acquired Duksan Ether City. It is reported that Duksan Ether City’s corporate value has fallen to around 200 billion won, leading to a reduction in refinancing scale from the 120 billion won range to the late 90 billion won range.
Duksan Ether City was established in May 2020 by physically splitting off the large air container division of NK, a listed company on the securities market. It manufactures ultra-high-pressure steel pressure containers for hydrogen charging stations and produces ultra-large containers needed for the transport and storage of special gases used in manufacturing processes for semiconductors, displays, and secondary batteries.
Duksan Group effectively controls more than 20 corporations through Duksan Holdings. The structure flows from Chairman Lee Soo-hoon of Duksan Group to Duksan Holdings, Duksan Hi Metal, Sirius Holdings, and Duksan Ether City. Duksan Hi Metal has other listed companies, Duksan Neolux and Duksan Techopia, as subsidiaries, and also possesses several unlisted companies.