Chapter 192: Ticket

“As you all know, I didn’t want to go public if possible.”

“Is it because of the development costs?”

Chilbong seemed to know the reason, but he wasn’t right.

“It’s not just because of the development costs.”

Of course, it’s true that a lot of money is needed to make everything I posted on the feed.

Not long ago, I secured money from the Brexit deal.

Even without that, the money earned from Dojin Tech and Dojin Soft was considerable, so there was no urgent need to go public.

“Then, why are you suddenly pushing for an IPO that wasn’t even planned?”

The reason was simple.

“We need to make more allies.”

“What?”

Chilbong looked at me, not understanding.

He was good at development, but he was definitely not good at reading the room in situations like this.

Executive Director Oh Seong-hak calmly continued.

“What the CEO is saying is that now is the time to gather ‘strategic allies.’”

“Allies?”

Chilbong tilted his head again.

“The technology development we’re pushing for now isn’t just about producing products. All areas, including national defense, satellite communication, AI-based unmanned weapons, and autonomous driving, can only be realized when they align with ‘policies and systems.’”

I put down my coffee cup and added,

“However, we’ve grown too big to openly receive government support, and we’re still too weak to clash with governments around the world. To create a middle ground… we need a partner that’s somewhere between the public and private sectors who can believe in and invest in us.”

Since it’s known that Baek Mu-jin and I are on the same path, it will also help in this election.

“Oh.”

Chilbong finally seemed to understand a little and exclaimed.

“So, it’s not just about securing investment funds, but about gathering solid supporters who will back us.”

“Right. But in the process, control must not be shaken.”

“You don’t have to worry about that.”

Executive Director Oh Seong-hak displayed information on the screen for further explanation.

[IPO Structure Plan]

  1. Introduction of dual-class share structure

  • Class A: 1 share, 1 voting right (for general investors)

  • Class B: 1 share, 10 voting rights (held by internal founders and key founders)

  1. 68% of total shares will be Class B

  • Only 32% will be publicly sold as Class A

  • Class B shares cannot be traded on the market, only inherited or transferred internally

  1. Priority allocation to internal partners
  • Some Class A shares will be allocated to strategic partners (Archim Global, Trinity Holdings, Defense Science Research Institute, Cheongun Group, etc.) through block deals
  1. Use of new investment funds

  • 70% will be used for the development of the Lunar Link launch vehicle

  • 20% will be used for electric vehicle and autonomous driving development

  • 10% will be used for Sentinel development

※ Other developments, such as Luna, will be handled by Dojin Soft and Dojin Tech

Those who checked the IPO plan that Executive Director Oh Seong-hak displayed exclaimed in admiration.

“With a dual-class share structure… even if a hostile acquirer appears, control won’t be taken away.”

I nodded at Lee Hye-ryeong’s words.

“Investors in Dojin Frontier will only invest based on technological capabilities and growth potential. Interference in management will be structurally impossible.”

“Are you also trying to attract sovereign wealth funds and policy funds?”

Executive Director Hong Chung-ki certainly pointed out the key issue.

“After all, both Lunar Link and autonomous driving will become ‘national infrastructure.’ If we rely solely on private capital, the issue of ‘conflict between security and private assets’ will inevitably arise later.”

“We’ll proactively disclose, but we’ll keep control. It’s definitely not a bad strategy.”

The atmosphere in the conference room changed.

Everyone now understood why I suddenly decided to go public.

“In that context, wouldn’t it be more helpful for Dojin Tech and Dojin Soft, which are developing AI semiconductors and the smartphone OS Lunar, to also go public?”

I firmly shook my head at Chilbong’s question.

“It might help somewhat, but I don’t plan to list Dojin Tech and Dojin Soft if possible.”

Chilbong and some team leaders looked at me with surprise at my contradictory statement.

Executive Director Oh Seong-hak continued, as if summarizing the flow of the conversation.

“Going public ultimately means allowing capital intervention. But Dojin Tech and Dojin Soft are the foundations of all the technologies we’re creating now. They must never be exposed to external intervention or scrutiny…”

Han Yu-ju continued with her thoughts.

“I also oppose Dojin Soft going public. Even Lunar is currently only used in smartphones and tablets, but in a little while, along with the Luna platform, it’s planned to expand into the entire operating system for national defense, space, autonomous driving, and financial systems. But if such core technologies become public, information will inevitably be exposed through patents, access to structural sources, and shareholder reporting obligations.”

“Are you saying we should remain private to prevent technology leaks?”

“Right.”

I nodded.

“Moreover, Dojin Soft handles communication protocols and encryption technologies, and Lunar has already proven its security to be unbreachable by the FBI. If information were to leak in such a state…”

Han Yu-ju continued with a somewhat serious expression.

“The possibility of the Aegis-X system, which was disclosed in the video, being hacked will increase.”

This also included the AI platform Luna.

It was best to eliminate such risks if possible.

“Then, is Dojin Tech also not going public for the same reason?”

This was for a slightly different reason.

“The reason for keeping Dojin Tech private is because it’s a core pillar of the group.”

“Even if it’s a core pillar, it can still go public, right?”

Executive Director Oh Seong-hak elaborated again.

“Of course, it’s not impossible, but there are risks.”

Dojn Tech was no different from the starting point for all of Dojin Group’s technology development and new businesses.

Dojin Tech managed the core design and roadmap for LUNA-EVX, Luna, and the next-generation autonomous driving platform.

If such a company goes public, there’s a chance for capital and shareholders to intervene in technology strategy or roadmap decisions.

“Since core technologies are concentrated in the entire group, if we go public, we’ll inevitably have to disclose business status and R&D plans to the outside every quarter. Naturally, the possibility of technology leaks or competition from rivals will also increase.”

Even if core technologies aren’t leaked, the number of places that copy us will naturally increase.

“So, only Dojin Frontier is pushing for an IPO.”

Chilbong finally seemed to clearly understand and nodded his head greatly.

“Dojin Frontier deals with already disclosed projects centered around construction and defense, so the risk of technology leaks is relatively low. Since it’s easy to make an issue, it’s also easy to secure allies.”

With everyone’s attention focused,

Executive Director Oh Seong-hak displayed the information related to Dojin Frontier’s IPO on the screen.

[Dojin Frontier IPO Plan]

  1. Company Overview

  • A global tech company established by integrating the existing Dojin Construction and Hwareung Industries, focusing on defense and construction

  • Collaborating with the Ministry of Defense of the Republic of Korea and private partners to develop advanced defense platforms and promote high-tech projects

  • Main businesses: Defense, advanced construction technology, space internet, autonomous driving platforms, AI robots, etc.

  1. Share issuance structure
  • Total shares issued: 10 billion

· Class B (for insiders, 10 voting rights per share): 6.8 billion (non-circulating)

· Class A (for general investors, 1 voting right per share): 3.2 billion (public offering)

  1. Corporate value and offering price

  • Total corporate value: approximately KRW 47.5 trillion (approximately USD 40 billion)

  • Total shares issued: 10 billion

  • Offering price calculation

· Offering price per share (target band): USD 3.8 ~ 4.2

· Base offering price: USD 4.0

  1. Offering market and underwriter

  • NASDAQ

  • IPO underwriters: JPMorgan, Silverman Sachs

Exclamations of surprise came from those who checked the information.

“Wow, the corporate value is higher than I thought.”

“At KRW 47.5 trillion, it would instantly become the third-largest domestically, after Ahsung Electronics and Hypernic.”

Executive Director Hong Chung-ki, who was listening, asked the expected question.

“But… since Dojin Frontier is essentially a defense company, is there a reason to list on NASDAQ and take on the security risks?”

This time, Park Cheol-jin stepped in to answer.

“It’s true that listing domestically would be more advantageous in terms of security and information protection, but the evaluation of a global tech company will ultimately be centered around the U.S. Especially for a company like ours.”

Executive Director Oh Seong-hak continued.

“Since Dojin Frontier is not just about defense, but also plans to develop cutting-edge technologies targeting the global market, such as autonomous driving, space internet, and AI robot platforms, we judged that listing on NASDAQ would be much more advantageous than listing domestically.”

Domestic listing would inevitably have its limitations.

And in terms of listing price, if listed on KOSPI or KOSDAQ, the corporate value recognized at USD 40 billion would not even be one-fifth of that.

I added,

“Of course, there are information exposure risks associated with listing on NASDAQ, but since the core technologies are still held by Dojin Tech and Dojin Soft, you don’t have to worry too much.”

“Then, when will the listing take place?”

“I plan to complete it before the presidential election if possible.”

There was about a month left until the election.

If the IPO was completed before that, those who bought Dojin Frontier stocks would likely become provisional supporters of candidate Baek Mu-jin.

In a situation where candidate Baek Mu-jin was already gaining momentum, the IPO could be a sure card for victory.

“Then, when should we set the offering subscription date?”

Executive Director Oh Seong-hak asked, picking up a ballpoint pen to take notes.

“Let’s set the IPO offering for ten days from now.”

“Ten days from now will be exactly three weeks before the election.”

“Yes, three weeks should be about right. The price will rise, the news will spread, and both people and shareholders will be stirred up.”

That’s why I deliberately issued 10 billion shares.

This wasn’t just stock.

It was a kind of ticket to confirm that you were on my side.