News

Korean EUV Photomask Inspection Firm Esol Begins Process for KOSDAQ IPO

Tuesday, December 9, 2025 at 11:55 AM

Esol, a Korean firm specializing in EUV photomask defect verification equipment ('SREM' and 'FREM'), has initiated its pursuit of a KOSDAQ Initial Public Offering by distributing Requests for Proposals. The company supplies its equipment to Samsung Electronics and recently secured a contract with a Japan-based photomask manufacturer for 'FREM,' winning the competition against Carl Zeiss.

Context

Korean EUV photomask inspection firm Esol is initiating preparations for a KOSDAQ IPO, having recently distributed Requests for Proposals to domestic securities firms on December 9, 2025. This move follows a successful Series B funding round in July 2025, where the company secured 74 billion won from investors including Korea Development Bank, InterVest, Mirae Asset Venture Investment, Yuanta Investment, DSC Investment, and Quantum Ventures. Esol has made significant strides in the semiconductor equipment market, commercializing its SREM photomask verification equipment, which has been supplied to Samsung Electronics. The company also developed a next-generation unit, FREM, reportedly securing a supply contract with a Japan-based photomask manufacturer after outcompeting Carl Zeiss. The timing for Esol's IPO appears favorable, given the robust demand for semiconductor supply-chain listings in Korea. Recent KOSDAQ IPOs for similar firms, such as Innotech and CMTX, attracted substantial retail subscription deposits of 7.8496 trillion won and 13.8622 trillion won, respectively, highlighting a strong investor appetite for companies in this sector.