OE Solutions Raises $7.7M in IPO
SAN FRANCISCO -- OE Solutions Co, Ltd., a global supplier of high performance optoelectronic transceiver solutions, announces of its successful initial public offering on February 27th, 2014. In connection with the offering, the Company raised US $7.7M by offering 777,000 new shares through KOSDAQ (Korea Securities Dealers Automated Quotation) at 10,000 Korean won per share, equivalent to about US $10.
“We are happy that we have achieved the first milestone in the company’s journey,” said Dr.Y.K. Park, CEO at OE Solutions. “I would like to thank all our shareholders, customers, partners and employees. We will further accelerate the company’s growth by injecting the proceeds from this IPO towards more R&D activities as well as manufacturing expansion.”
Former Bell Labs engineers and former Samsung Electronics engineers founded the company in South Korea in August 2003. After building the company’s foundation, the company has grown at a 35% CAGR since 2008 along with increase in profitability. Revenue in 2013 totaled approximately US $60M. Company supplies to the majority of the top tier network equipment manufacturers. As of March 8th, 2014, the total market capitalization of the company was nearly US$85M.