AION, a leading AI data center infrastructure EPC (Engineering, Procurement, Construction) and SI (Systems Integration) company, signed an IPO lead underwriting contract with Shinhan Investment & Securities on July 23, the company announced July 24. The partnership targets a KOSDAQ listing in the second half of next year, with formal due diligence and internal control preparations set to begin. AION has transformed from a basic UPS equipment distributor in 2023-2024 into a high-value AI data center integrated infrastructure provider, securing turnkey supply capabilities for high-capacity power and high-efficiency cooling infrastructure required by high-density AI data centers. The domestic data center infrastructure market is projected to grow threefold to approximately 24 trillion KRW over the next five years, designated as one of South Korea's three mega-projects for national advancement.
AION Transforms Business Model from Equipment Distribution to Integrated Infrastructure
AION completed a strategic pivot from basic UPS equipment distribution in 2023 and 2024 to become a high-value engineering-based AI data center integrated infrastructure company starting last year. The company secured EPC and SI capabilities to provide turnkey supply of high-capacity power and high-efficiency cooling infrastructure needed for high-density AI data centers. AION serves as the official domestic partner of Vertiv, a global leader in power and cooling infrastructure. Vertiv has established itself as a core partner for NVIDIA's next-generation AI architecture and liquid cooling solutions. AION has positioned itself as a key infrastructure construction partner in the domestic "NVIDIA-Vertiv supply chain."
Company Secures 32 Core Patents and Domestic UPS Production
AION holds 32 core patents related to data centers, including power conversion and UPS high-speed switching technology. Based on these patents, the company successfully domesticated UPS production. The domestically produced products obtained major certifications including NEP (New Excellent Product), NET (New Excellent Technology), and procurement excellence designation. These certifications provide strong preferential purchasing benefits and competitive advantages in the domestic government and public data center markets. AION has secured consecutive long-term supply contracts with major strategic clients. The company recently concluded a BPU (Battery Protection Unit) supply contract with an L Group affiliate. As of July, the order backlog exceeded 140 billion KRW. AION is aggressively expanding its production capacity through measures including the purchase of a second factory to respond to large-scale orders.
AION Projects 99 Billion KRW Revenue for 2024
AION's financial performance shows upward trajectory. Revenue increased from 48.2 billion KRW last year to a projected 99 billion KRW for this year. The company targets revenue of 500 billion KRW by 2030.
Shinhan Investment & Securities Establishes Dedicated Task Force
Shinhan Investment & Securities, selected as the IPO lead underwriter, evaluated AION's high-growth story and strong AI data center exposure. Shinhan Investment & Securities served as joint underwriter for LG CNS and successfully completed IPOs for APR and HD Hyundai Marine Solution. The firm established a dedicated strategic task force working group exclusively for AION. Kang Seung-ho, CEO of AION, stated that the company will complete a successful listing through cooperation with Shinhan Investment & Securities, which possesses top-level large deal track records and strong domestic and international institutional and retail networks. A Shinhan Investment & Securities representative stated that AION has already perfectly met the conditions for entering the high-value group by combining proprietary UPS domestication technology with high technical barriers and exclusive status based on Vertiv solutions. The representative added that Shinhan Financial Group will mobilize its PWM (Private Wealth Management) channels and foreign fund sales infrastructure to provide full-service responsible support so AION receives maximum value recognition.
FAQ
What did AION announce on July 24?
AION announced on July 24 that it signed an IPO lead underwriting contract with Shinhan Investment & Securities on July 23, targeting a KOSDAQ listing in the second half of next year.
What is AION's order backlog as of July?
As of July, AION's order backlog exceeded 140 billion KRW, according to the company announcement.
What revenue does AION project for this year and 2030?
AION projects revenue of 99 billion KRW for this year, up from 48.2 billion KRW last year, and targets 500 billion KRW by 2030.
