韩高速涡轮机械商TNE Korea启动Kosdaq IPO，押注AI数据中心SOFC鼓风机需求，10月29日挂牌

South Korean high-speed turbomachinery specialist TNE Korea expects revenue to more than double this year as it pursues a Kosdaq listing.
TNE Korea held a press conference at the Fairmont Hotel in Yeouido, Seoul, on Oct. 13 to introduce its business and outline its post-listing growth strategy.
The company plans to invest 3.8 billion won in product development and 8.9 billion won in new production facilities, capacity expansion and factory automation. It aims to increase annual production capacity from the current 50 billion won to 171 billion won in 2027 and more than 210 billion won by 2030. The new factory will be built in Osong, Cheongju, North Chungcheong Province.
Founded in 2014, TNE Korea develops and manufactures high-speed turbomachinery. It supplies high-speed turbo blowers for environmental and water treatment applications. Turbo blowers use motor-driven impellers, or rotating blades, to compress and deliver air.
One of its fastest-growing businesses supplies components for on-site power generation at AI data centers. On-site generation produces electricity directly where it is consumed. Solid oxide fuel cells (SOFCs) can generate electricity continuously as long as fuel is supplied, while their modular design allows power generation capacity to be expanded.
TNE Korea manufactures air blowers that supply the air required for SOFC power generation. Revenue from the business rose from 500 million won in 2023 to 2 billion won in 2024 and 8.7 billion won in 2025. First-half revenue reached 9.2 billion won this year, with full-year sales projected at 30.9 billion won.
The company is diversifying its portfolio into hydrogen mobility, aerospace and defense, shipbuilding and marine applications. Its products include aircraft engine starters, turbo blowers for ship air lubrication systems (ALS) and blowers for air-independent propulsion (AIP) submarines.
TNE Korea supplies key components for hydrogen vehicle air compressors to South Korean and Japanese companies. It has completed domestic development of cooling turbines for the KF-21 fighter jet and is supplying them in mass production. Major customers include Doosan Fuel Cell, Mitsubishi Turbocharger, Hyundai Motor Group, Hanwha Aerospace, Korea Aerospace Industries (KAI), Hanwha Ocean and HD Korea Shipbuilding & Offshore Engineering.
Its core competitive strengths lie in miniaturizing high-speed rotating machinery and oil-free air bearing technology. The company has developed rotating systems capable of speeds of up to 120,000 revolutions per minute (RPM), along with cooling technology to manage heat generated during high-speed operation. Air bearings support rotating shafts using a film of air instead of lubricating oil, reducing mechanical friction and preventing oil contamination of the supplied air.
High-speed turbomachinery can achieve smaller size, lower weight and greater efficiency than low-speed equipment by operating at higher rotational speeds. However, higher speeds also increase the technical challenges associated with vibration, thermal management, bearings and aerodynamic design. Ensuring stable operation, effective cooling and precise control requires advanced engineering capabilities.
Revenue increased from 16.1 billion won in 2024 to 23.4 billion won in 2025. First-half revenue this year reached 21.1 billion won, equivalent to 90% of last year's full-year sales. The company projects revenue of 55.2 billion won in 2026 and 96.6 billion won in 2027. It posted operating losses of 1.6 billion won in 2024 and 1.8 billion won in 2025 before turning to an operating profit of 3.5 billion won in the first half of 2026.
TNE Korea plans to offer 2.4 million shares in its initial public offering (IPO), with an indicative price range of 12,600 won to 15,300 won per share. The offering is expected to raise between 30.2 billion won and 36.7 billion won. Institutional bookbuilding runs from Oct. 7 to 14, followed by retail subscriptions on Oct. 20 and 21. Shinhan Securities is the lead underwriter, and the company is scheduled to list on Oct. 29.