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Korea's 15-name IPO week holds two AI-infrastructure plays, DTS and Lablup
Korea's IPO calendar for the week after Hangul Day lists 15 names, and two of them, DTS and Lablup, sell AI-infrastructure exposure. MS Bio's top-of-range 7,800 won price comes from a maker of breast-reconstruction tissue products.
The Investor · Invest desk
DTS retail buyers take a heat-exchanger maker whose data center line is a recent expansion. DTS fixes its price on the 12th in a 17,000 to 18,500 won range. Lablup bidders assess it from the 13th to the 19th at 19,000 to 22,000 won. MS Bio buyers pay 7,800 won, top of range.
- exposure DTS retail buyers Take a power-plant heat-exchanger maker whose data center cooling and power line is only a recent expansion, claim 6
- decision DTS Fixes offer price on the 12th within a 17,000 to 18,500 won range; retail orders on the 13th and 14th, claim 7
- exposure Lablup institutional bidders Assess a GPU and NPU resource-management software firm from the 13th through the 19th at 19,000 to 22,000 won, claim 8
- cost MS Bio retail buyers Pay 7,800 won, the top of the indicative range, with retail orders on the 12th and 13th, claim 4
| Who | How | Kind | Claim |
|---|---|---|---|
| DTS retail buyers | Take a power-plant heat-exchanger maker whose data center cooling and power line is only a recent expansion | exposure | 6 |
| DTS | Fixes offer price on the 12th within a 17,000 to 18,500 won range; retail orders on the 13th and 14th | decision | 7 |
| Lablup institutional bidders | Assess a GPU and NPU resource-management software firm from the 13th through the 19th at 19,000 to 22,000 won | exposure | 8 |
| MS Bio retail buyers | Pay 7,800 won, the top of the indicative range, with retail orders on the 12th and 13th | cost | 4 |
What happened
- DTS fixes its offer price on the 12th inside a 17,000 to 18,500 won range, then takes retail orders on the 13th and 14th with Daishin Securities as lead underwriter.
- Jincostec, moving up from KONEX at 23,500 won, and Melcon, at 12,300 won, both list on the KOSDAQ on the 15th.
- MS Bio makes acellular dermal matrix products for breast reconstruction under the Myderm Recon brand, plus collagen fillers and dental bone regeneration materials.
Why it matters
- contradiction The deal with the price signal and the deals with the AI link are different companies: MS Bio has the top-of-range price, while DTS and Lablup have the link and no price result yet.
- exposure Retail buyers of DTS take a power-plant heat-exchanger maker whose data center line is described only as a recent expansion, with no revenue split in the report.
- constraint The evidence arrives in sequence, DTS retail books closing on the 14th and Lablup's institutional window on the 19th, so this calendar alone supports no verdict on AI appetite.
By the source's own descriptions, two of the 15 names sell AI-infrastructure exposure: DTS, which has recently expanded into data center cooling and power infrastructure [6], and Lablup, whose Backend.AI platform manages GPU and NPU computing resources [8]. That is 13% of the calendar [15]. Widen the net to Intellivix, which does AI video analytics for hazard detection [9], Dabeeo, a spatial information AI firm [11], and Melcon, which makes environmental control systems for semiconductor photolithography [10], and the count is 5 of 15, or 33% [16]. The other issuers the source describes make cosmetics, golf simulators, ship engine room modules and precision medicine products [13].
MS Bio is the only deal the source describes as priced at the top of its range. Its offer price is 7,800 won, with retail orders on the 12th and 13th [4]. The bottom of that range and any order multiple were not disclosed, so the price cannot be compared with the others.
DTS is the nearest test of AI appetite, and a blunt one. Its indicative range is 1,500 won wide, 8.8% of the 17,000 won floor [17]. The price is fixed on the 12th and retail orders follow on the 13th and 14th [7], so the MS Bio and DTS retail books are both open on the 13th [19]. Its main products are air-cooled heat exchangers and heat recovery steam generators, and the report did not disclose how much of its revenue comes from data center cooling [6]. A price at the 18,500 won top would show appetite for DTS. But the same price could reflect either power-plant demand or the data center story.
Lablup is the cleaner test. It is an AI-infrastructure software company with an indicative range of 19,000 to 22,000 won, and its institutional assessment runs through the 19th [8], after DTS's retail books close on the 14th [7].
We think the calendar shows a busy IPO market and does not yet show appetite for AI-infrastructure names. Two results would change that: DTS fixing at the top of its range with strong retail order books, and Lablup pricing at the top of 19,000 to 22,000 won. The counter-case runs the other way. If MS Bio, DTS and Lablup all price at the top, the appetite is for new issues in general, and the AI label explains little, since cosmetics and golf names sit on the same calendar [13]. Daishin Securities leads DTS, Melcon, EST and AL Robot [7][10][12], four of the 15 [18]. More than a quarter of the calendar's results will come through one underwriter.
What to watch
- Where DTS fixes its price on the 12th against its 17,000 to 18,500 won range, and how its retail books look when orders close on the 14th.
- Whether Lablup's institutional book through the 19th supports a price at the top of its 19,000 to 22,000 won range.
- First-day trading of Jincostec and Melcon on the 15th, from offer prices of 23,500 and 12,300 won.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence70
- Adoption
- Insufficient
- Hype gap
- Insufficient
- Incentives
- Insufficient
- Confidence68
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
MS Bio, DTS and SK Securities Special Purpose Acquisition Co. No. 14 will open IPO subscriptions to retail investors this week, the first trading week after the Hangul Day holiday.
ReportedSupportedSource: Seoul Economic Daily (en.sedaily.com), citing the financial investment industryView cited source - [2]
Jincostec and Melcon will both list on the KOSDAQ on the 15th; Jincostec, transferring its listing from the KONEX market, has an offer price of 23,500 won and Melcon set its offer price at 12,300 won.
- [3]
Ten companies including Intellivix and Creatz will conduct book-building with institutional investors.
- [4]
MS Bio's offer price was set at 7,800 won, the top of the indicative range, with KB Securities as lead underwriter; it takes retail orders on the 12th and 13th.
ReportedSupportedSource: Seoul Economic Daily (en.sedaily.com), citing the financial investment industryView cited source - [5]
MS Bio, a regenerative medicine platform company, uses human tissue and biomaterials to produce acellular dermal matrix products for breast reconstruction under the Myderm Recon brand, along with soft-tissue collagen fillers and dental bone regeneration materials.
- [6]
DTS specializes in industrial heat exchangers for power and energy plants; its main products are air-cooled heat exchangers and heat recovery steam generators, and it has recently expanded into data center cooling and power infrastructure.
- [7]
DTS will fix its offer price on the 12th and take retail orders on the 13th and 14th; its indicative price range is 17,000 won to 18,500 won, with Daishin Securities as lead underwriter.
- [8]
Lablup, an AI infrastructure software company that developed Backend.AI, a platform that manages computing resources such as GPUs and NPUs, faces institutional assessment from the 13th through the 19th, with an indicative range of 19,000 won to 22,000 won and NH Investment & Securities as lead underwriter.
- [9]
Intellivix is an artificial intelligence video analytics company that develops solutions to detect hazards at disaster and industrial sites using CCTV video analysis; its indicative range is 7,600 won to 9,000 won, with book-building from the 12th through the 16th.
- [10]
Melcon specializes in environmental control systems for semiconductor photolithography processes, and Daishin Securities is its lead underwriter.
- [11]
Dabeeo is a spatial information AI firm whose book-building wraps up on the 14th, with an indicative range of 12,300 won to 16,600 won.
- [12]
EST (book-building 14th to 20th) and AL Robot (15th to 21st) are both underwritten by Daishin Securities.
- [13]
Other issuers include Jincostec, a cosmetics original development manufacturer; Creatz, which develops golf simulators and swing analysis platforms; Youngkwang, which produces ship engine room modules and plant skids; and MBD, a precision medicine platform company.
- [14]
The week's calendar has 15 names: 3 opening retail subscriptions, 2 debuting on the KOSDAQ and 10 in institutional book-building.
- [15]
Two names described as AI-infrastructure-linked (DTS and Lablup) are about 13% of the 15-name calendar.
- [16]
Adding Intellivix, Dabeeo and Melcon to DTS and Lablup gives 5 of 15 names, about 33% of the calendar.
- [17]
DTS's indicative range is 1,500 won wide, 8.8% of the 17,000 won floor.
- [18]
Daishin Securities is lead underwriter on four of the 15 names (DTS, Melcon, EST, AL Robot), about 27%.
- [19]
MS Bio's retail window (12th-13th) and DTS's (13th-14th) overlap on the 13th.
Sources
1 independent publisher whose own reporting we read for this story.
- en.sedaily.comMS Bio, DTS Open Retail IPO Subscriptions This Week
1 article · October 11, 2026
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