LG motor spin-off C&M files KOSDAQ IPO of up to KRW 38.4bn to make humanoid robot joints
C&M, a car and appliance motor maker spun out of LG Electronics in 2006, filed for a KOSDAQ listing on Oct 16, offering 2.95 million shares at KRW 10,000 to 13,000 for KRW 29.5bn to 38.35bn. KRW 7.0bn, 24.6% of the proceeds it plans to use, goes to joint actuators for humanoid and quadruped robots, a business with no revenue yet and prototypes due in 2027.
C&M, a Gimhae-based maker of motors for cars and home appliances that was spun out of LG Electronics' motor division in 2006, filed a registration statement for a KOSDAQ listing on Oct 16, according to the filing on the FSS's DART system. It offers 2.95 million new shares at KRW 10,000 to 13,000 each, or KRW 29.5bn to 38.35bn, and names joint actuators for humanoid and quadruped robots among the new businesses the money will fund.
Korea Investment & Securities is the sole lead underwriter on a firm-commitment basis, for a fee of KRW 885m, 3.0% of the low-end amount. Subscription is scheduled for Nov 12 and 13 with payment on Nov 17. At the bottom of the band, the company plans to spend KRW 21.1bn on production lines and KRW 7.4bn on research.
- New shares
- 2,950,000 shares
- Price band KRW 10,000 to 13,000
- Gross proceeds at low end
- 29,500
- 38,350 at the top of the band
- Facilities
- 21,100
- EC motor line 1,900; ARS line 7,600; hybrid motor core 4,500; robot joint actuator line 4,800; defence motors 2,300
- R&D (operating funds)
- 7,400
- Includes 2,200 for robot joint actuators and wheel drives
- Offering costs
- 1,000
- No data
- Robot-related total
- 7,000
- 24.6% of the KRW 28,500m to be used (MEKAWIRE)
Amounts at the low end of the band, as stated in the filing. Robot share = (4,800 + 2,200) / 28,500.
As of Oct 16, 2026
A robot option inside a car-parts listing
The robot spending is specific. C&M plans KRW 4.8bn from 2027 to 2029 for a shared line to make integrated robot joint actuators in small batches, and KRW 2.2bn over three years to develop 50, 70 and 90 series actuators and wheel drives for quadrupeds, wheel-leg robots and two-armed mobile manipulators. Together that is KRW 7.0bn, or 24.6% of the proceeds to be used, by MEKAWIRE's calculation. The filing says a joint project with a robot company and Pusan National University on robot synchronous motors runs from March 2026 to February 2027, covering a quadruped leg motor and three humanoid motors for locomotion, elbow and wrist. It targets prototypes and first volumes in 2027.
The rest of the business pays for it. Consolidated revenue was KRW 152.2bn in 2024 and KRW 163.0bn in 2025, up 7.1%, and KRW 101.3bn in the first half of 2026.
[[table:1]] The company supplies compressor, fan and washing-machine motors to LG Electronics, motors for Hyundai and Kia supply chains, and since late 2025 fan motors for data-centre cooling. Robot and defence products had no revenue at the filing date, and the company warns that robot makers' own tests and model adoption must come before any orders.
MEKAWIRE analysis
C&M is a car and appliance motor IPO with a robot option attached, and the option is priced at about a quarter of the money.
It is the second Korean robot-related KOSDAQ prospectus in a week, after [Intellivix](/news/intellivix-kosdaq-ipo-krw-19bn-22-5bn-argos-quadruped-patrol-robot-ai-video-analytics-profitable-general-listing-20261016) sought KRW 19bn to 22.5bn; C&M's offering is 1.55 to 1.70 times larger. The bet is that motor makers with automotive quality systems can win humanoid joint business that today goes mostly to Japanese and Chinese suppliers, as our [explainer on who supplies humanoid joints](/news/who-supplies-humanoid-robot-joints-actuators-reducers-20261001) sets out. The counter-argument is in the filing: zero robot revenue and a 2027 prototype date. The signals are the final offer price and subscription demand on Nov 12 and 13, whether a named robot maker adopts its actuators in 2027, and whether the robot line spending in 2028, the largest year at KRW 3.0bn, goes ahead. MEKAWIRE explainer: [how robot IPOs were priced in 2026](/news/robot-ipos-2026-explained-shanghai-hong-kong-price-growth-korea-prices-profits-unitree-219x-intellivix-2x-sales-20261017).
- C&M
- Consolidated revenue 2024
- KRW 152.2bn
- C&M
- Consolidated revenue 2025
- KRW 163.0bn (+7.1%)
- C&M
- Consolidated revenue H1 2026
- KRW 101.3bn (62.1% of 2025)
- C&M
- Robot and defence revenue
- None as of the filing
- C&M
- Offering
- KRW 29.5bn to 38.35bn
- Intellivix
- Offering (prospectus Oct 14)
- KRW 19bn to 22.5bn
From DART filings. Growth and shares computed by MEKAWIRE. Disclosed figures, not estimates.
As of Oct 19, 2026
- Oct 16, 2026, registration statement on DART
- KOSDAQ, new listing
- 2,950,000 new shares
- KRW 29.5bn to 38.35bn
- KRW 10,000 to 13,000
- KRW 163.0bn consolidated
- Nov 12 to 13, 2026
- None as of the filing; prototypes targeted for 2027
- Korea Investment & Securities (firm commitment)
- KRW 7.0bn (actuator line 4.8bn, R&D 2.2bn), 24.6% (MEKAWIRE)
Why it matters
Korea's humanoid programmes need domestic joint suppliers, and MEKAWIRE's database lists only a handful of Korean actuator and motor makers, among them Robotis, Nuvinda and RS Automation. C&M brings automotive-grade mass production and an IPO budget to the same problem.
If an established motor maker can turn its EPS and compressor motor know-how into robot joints, the domestic supply base for humanoids widens beyond start-ups.
Valuation context
The filing prices only the shares on offer; MEKAWIRE has not computed a market value because the post-listing share count was not part of the pages read.
Against Intellivix's KRW 19bn to 22.5bn offering the same month, C&M raises 1.55 to 1.70 times more, but on a motor business with KRW 163.0bn of 2025 revenue rather than a robot thesis.
Signals to watch
Nov 12 to 13: subscription demand and the final price within the KRW 10,000 to 13,000 band.
2027: prototype and first-volume deliveries of robot joint actuators, and whether a robot maker is named as customer. 2028: the KRW 3.0bn tranche of the robot line spending.