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Hana Aero Dynamics (HAD), a leading manufacturer of high-precision aerospace components, has officially entered the initial public offering (IPO) process by filing a preliminary listing application for the KOSDAQ market.

According to investment banking industry sources, HAD submitted its preliminary listing application to the Korea Exchange (KRX) on May 29. The offering is being led by IBK Securities.

Industry observers view the timing of the IPO positively, citing the continued growth of the global aerospace and space industry, driven by the rapid expansion of the commercial space sector and the momentum created by companies such as SpaceX. The aerospace sector has increasingly emerged as a key investment theme in the Korean capital market.

HAD specializes in the precision machining of aerospace components using advanced materials such as aluminum, titanium, and other high-performance alloys. The company possesses manufacturing capabilities ranging from micro-scale precision components to large structural parts.

The company has already demonstrated its competitiveness in the global market. HAD is the only Korean Tier-1 supplier exporting complete Bell 412 helicopter structural assemblies directly to Bell Textron, one of the world's leading rotorcraft manufacturers. Its revenue portfolio is well diversified across aerospace tooling (39.5%), structural assembly (37.4%), and aerospace components (22.5%).

Market participants have also highlighted HAD's recently announced long-term strategic partnership with Sphere Corporation. Under the agreement signed in April, Sphere secured exclusive distribution rights for HAD's aerospace products within the North American space industry. The partnership is structured through 2036, providing long-term supply chain stability and positioning HAD to benefit from continued growth across the global aerospace and space sectors.

In addition to its growth prospects, HAD has demonstrated solid financial performance. The company reported revenue of KRW 33.3 billion in 2024, with net income of KRW 2.42 billion and shareholders' equity of KRW 15.2 billion. Unlike many aerospace and space startups that continue to record operating losses due to significant R&D and capital investment requirements, HAD has established a stable business model supported by existing production programs and long-term customer relationships.

Source: 'thebell' (Capital Markets Media)
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