South Korea’s Unimax Information Systems Co., a communication systems and avionics solutions provider, plans to go public via the country’s secondary Kosdaq market in March after merging with special purpose company Eugene ACPC Special Purpose Acquisition 2 Co.

The company on Tuesday unveiled its initial public offering (IPO) plan during a press conference in Yeouido, western Seoul, with the goal of becoming a total service provider of armament subsystems.

Unimax Information Systems - established in 1999 - is a manufacturer of guided weapon-use computers and avionics control systems. The company started mass producing its products in 2013 after 15 years of research and development on a range of high-technology components for guidance and control and avionics. Its main products are guided control and navigation computers loaded in ground to ground missiles, flight control computers for unmanned surveillance vehicles, multi-function displays for advanced trainer jets and electronic instrument for ab initio trainer jets.

After mass production began, Unimax Information Systems’ sales jumped from 2.8 billion won ($2.6 million) in 2013 to 17 billion won in 2016 with net profit reaching 1.7 billion won.

An unnamed official from Unimax Information Systems underscored that the company has plenty of growth momentums such as army modernization, more focus on guided weapons and air power, and growing overseas demand. With the proceeds from the IPO, the company hopes to expand its research and development as well as manufacturing capacity to become a total service provider of armament subsystems by engaging in system development and products design, the official said.

Unimax Information Systems plans to hold a shareholders’ meeting later this month for merger approval ahead of the listing on March 6.

By Chung Woo-sung and Lee Eun-joo

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