EcoPro BM's ₩886bn raise: 100% for an unnamed acquisition
EcoPro BM's rights issue creates 9,900,990 new shares at ₩89,500 — a 16% discount to the ₩106,500 close — diluting existing holders 9.2%. All ₩886.1bn raised is filed as 'business acquisition'; no target has been separately disclosed.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
ecopro bmrights issuedilutionbattery materialskorean equities
On 2 September 2026, EcoPro BM — the battery-materials maker whose ticker is 247540 on KOSDAQ — filed a correction to a rights-issue decision it first made on 30 June. The corrected numbers describe a capital raise of 9,900,990 new common shares, priced at exactly ₩89,500 each, for total proceeds of ₩886,138,605,000.
The terms, measured against the market
| Item | Value |
|---|---|
| New shares | 9,900,990 |
| Pre-issue shares outstanding | 97,830,434 |
| Issue price | ₩89,500 |
| KOSDAQ close, 3 Sep 2026 | ₩106,500 |
| Discount to market | 16.0% |
| Dilution (new ÷ post-issue total) | 9.19% |
| Total proceeds | ₩886.1bn |
The pre-issue share count in DART’s filing, 97,830,434, matches the Korea Exchange’s own listed-shares figure for the same ticker on the same basis date exactly — a check across two independent official sources that the base the dilution math sits on is right. The ₩89,500 issue price is not something we calculated from a range; ₩886,138,605,000 divided by 9,900,990 shares comes out to precisely ₩89,500, meaning that number is the filed per-share price itself.
Set against EcoPro BM’s ₩106,500 close on 3 September, new shares are being created 16.0% below the market price — investors who take up their rights, or buy the forfeited shares in the follow-on public offering, do so at a discount roughly a sixth below what the stock trades for on the exchange. The 9,900,990 new shares will be 9.19% of the company by share count once the issue settles.
Where the money is filed to go — and where it isn’t
DART’s capital-raise filing asks issuers to break proceeds into categories: 시설자금 (facility investment), 타법인증권취득자금 (acquiring another company’s securities), 운영자금 (working capital), 채무상환자금 (debt repayment), 영업양수자금 (business/operations acquisition), and 기타자금 (other). In EcoPro BM’s filing, every one of the first, third, fourth and sixth categories is blank. The entire ₩886.1bn sits in a single line: 영업양수 — business acquisition.
That is a specific, narrow category. It does not mean building a new plant, refinancing debt, or general working capital — it means buying a business or its assets outright. A search of EcoPro BM’s own 2026 disclosure list through 4 September, for any filing naming a target company, an equity-stake purchase, or an asset-transfer agreement, turned up nothing. The rights issue commits the company’s entire nearly-trillion-won raise to an acquisition it has not, in a separate filing we could find, named.
Two possibilities are both consistent with what is on file: the target disclosure exists but falls outside the report-name patterns and date window this search covered, or it has not yet been filed and will follow before the raise is spent. Either way, as of 4 September 2026, the public record shows the destination of the money and not what it is buying.
The subscription window for the rights issue itself runs from 1 July to 12 October 2026 — the raise is still open.
Data & Verification Notes
- Data as of
- Sources
- Financial Supervisory Service (Korea, Open DART) — piicDecsn (주요사항보고서 — 유상증자결정, capital-raise decision report), corp code 01160363
- Korea Exchange (KRX Data Marketplace) — ksq_bydd_trd — KOSDAQ daily trading, basis date 2026-09-03, used for the market close the discount is measured against
- Cross-checks
- The filing on file is a correction (rcept_no 20260902000156, '[기재정정]주요사항보고서(유상증자결정)') of an original decision filed 30 June 2026 (rcept_no 20260630000676). We read the corrected figures, which are the ones currently in force
- New shares 9,900,990; pre-issue shares outstanding 97,830,434 — the pre-issue count matches KRX's own listed-shares field (LIST_SHRS) for the same ticker exactly, an independent cross-check between DART and the exchange
- Total proceeds ₩886,138,605,000, divided by 9,900,990 new shares, gives exactly ₩89,500 per share — a round number, consistent with this being the stated per-share issue price rather than an average we computed
- Discount to market: (106,500 − 89,500) / 106,500 = 16.0%, using EcoPro BM's KOSDAQ close of ₩106,500 on 3 September 2026, the most recent trading day in our archive
- Dilution: 9,900,990 new shares ÷ (97,830,434 + 9,900,990) post-issue total = 9.19% of the company by share count after the issue completes
- Method filed: 주주배정후 실권주 일반공모 (rights offering to existing shareholders first, forfeited shares to the public after) — the standard two-stage Korean rights-issue structure, not a private placement
- Subscription window filed: 1 July to 12 October 2026
- Excluded figures
- What is being acquired. DART's fund-use breakdown assigns the entire ₩886.1bn to 영업양수 (business/operations acquisition) with zero recorded against facility investment, working capital, debt repayment or other categories — but no separate disclosure naming a target company or asset was found in EcoPro BM's 2026 filing list through 4 September. Checked and not found
- Whether the final issue price differs from this figure. DART's separate 1차발행가액결정 (first-tranche price announcement, rcept_no 20260902900206) was filed the same day; we have not independently parsed that document beyond confirming it exists in the filing list
- Any judgement on whether this raise, its price, or its use of proceeds is good or bad for the company or its shareholders. This is a measurement of terms as filed, not investment advice
- Comparison to other Korean rights issues' typical discount or dilution size — that would need the same measurement applied across many issuers, which this piece does not attempt
- Instruments
- 247540
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
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