[Alpha Biz=(Chicago) Reporter Kim Jisun] Doosan will attract about 200 billion won worth of investment in HyAxiom, a fuel cell subsidiary in the U.S. In the investment banking industry, there is an evaluation that it is actually a pre-listing investment attraction (free IPO).

Doosan made an announcement on the 4th that it will secure $150 million (196.3 billion won) by issuing convertible preferred stocks for a 13% stake in High Act to Korea Investment 2022 Private Equity Investment Co., KDBI Hana Business Reorganization Value Business Co., Ltd., and KB Mezzanine Capital No. 4 Private Equity Investment Co. The payment date is the 14th of this month.

As a result, HyAxiom will issue 148,814 shares, including 96,000 convertible preferred shares (Series A Convertible Preferred Stock) that have voting rights through a third-party paid-in capital increase method and 52,814 convertible preferred shares (Series B Convertible Preferred Stock) that do not have voting rights.

If all of these shares are converted into ordinary shares, Doosan's stake will be reduced from 100% to 87%.

HyAxiom is a subsidiary that produces and sells hydrogen-related technologies and products such as fuel cells for power generation and is a US version of Doosan Fuel Cell. Until the beginning of last year, its mission was Doosan Fuelcell America. Hiaxium plans to use the funds secured through the capital increase to 43 million dollars in facility funds, 54 million dollars in research and development (R&D) investment, and 52 million dollars in other operating funds.

 

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