Simwon America, an electric vehicle structural components manufacturer being spun out of Korea's MS Autotech, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The company plans to raise $50 million by offering 2.5 million shares (40% secondary) at a price range of $18 to $22. At the midpoint of the proposed range, Simwon America would command a fully diluted market value of $295 million. Korea’s Simwon Tech, a wholly owned subsidiary of Myoung Shin Industry (KOSPI: 009900), will hold an 81% stake after the offering, making Simwon America a controlled company.
Simwon America manufactures body-in-white structural components, including door ring assemblies, B-pillars, and side structures. The company is a Tier 1 supplier to Tesla, which accounts for substantially all of its revenue; the Model 3 Highland and Model Y together made up 98.5% of revenue in fiscal 2026. It uses hot press forming, cold stamping, laser cutting, and robotic welding at three facilities in Lathrop, California, near Tesla’s Fremont assembly hub.
The Lathrop, CA-based company was founded in 2016 and booked $324 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol SWA. Simwon America filed confidentially on April 1, 2026. WallachBeth Capital is the sole bookrunner on the deal.
